Take-out boxes are great for gifts, and many stores have started carrying them in decorative and holiday styles. I actually received this one (a frosted glass look) in a press kit a few weeks back and saved it just for this project.
Step 1: I found these wooden letters (2 for 99 cents) at Hobby Lobby. I had some basic red acrylic paint in a box at home from art projects past, so I bought some Martha Stewart fine glitter to match. I painted the letter red with a few coats of paint on all sides.
Step 2: When the paint was all dry, I slathered on school glue and covered it in glitter. When it was dry, I shook it off to check for spots where the glitter didn't cover. Then I put just a bit more glue and glitter to cover that up.
Step 3: I used Christmas crinkle paper to fill the box and stuffed the gift down in it. Then I took wrapping paper -- I'm all about using wrapping paper for lots of different things -- and wrapped it around the box, taping it on bottom.
Step 4: Hot glue or tape the letter on top. And you're done. You could add ribbon or yarn to the handle, tie on a tag or stick stickers on it. The recipient can keep the letter in addition to the gift!