We had a blast doing this. I cut stampers from potato's, star shaped, and filled a paint tray with red paint. Evie and Georgia went nuts with the stampers, and of course Evie ended up just finger painting and hand printing, Georgia would NOT even consider that as it would mean getting paint on her hands (*gasp*).
We ended up with some really cute looking wrapping paper, so I went whole hog and tied the gifts with string. So now I have a whole pile of brown paper packages tied up with sting (get it?) under our Christmas tree.
Warning: If your going to do this out side, make sure to have lots of paper weights (e.g. Dad's old work boots) handy, because this is not a wind friendly project