Lots of versatile ways.
On a handbag....
as a neck band....
headband....
tied on the wrist....
tied over a ponytail.......
as a belt....
As bondage apparatus.
Giraffe, Twillys are simply the best. Think about what you'd like to do with a pony scarf from Coach - the same can be applied to Twilly. You can also check out 'the adventures of tallulah the traveling twilly' thread that megs posted as a sticky up above.