We have an old bookshelf in Bubbles room that we are using for toy storage until we find something we really like. I decided to up the fun factor a little (it couldn't really get less fun ;-D) by making a felt board on one side. I covered one side of the bookshelf in wood glue and let it dry until tacky, then it was just a matter of smoothing sheets of felt over the top. I cut some felt shapes from scraps I had and backed them with rough lightweight sandpaper so they had extra grip when used on the felt board.
Put something under the base to protect the carpet and make sure the room is well ventilated when you do the glueing. I kept my girls out of the room entirely while I did this part.