I found this idea on Pinterest, and I absolutely love it! Take tights that are too small and turn them into knee socks! Annika has quite a few pairs of tights that she's grown out of, so I've got lots to work with. It's just too bad that it's not really "knee socks" weather any more. Although that didn't stop Annika - yesterday she wore them layered over top of her leggings! I think she could also layer them over sheer tights too. Annika is very into layering lately. I'll have to start taking pictures of some of the outfits she comes up with. :P
Check out this link for the tutorial to make your own - she's got some really cute ideas for embellishing them as well! Here's the ones I've done so far - the pictures don't quite do them justice (and the lighting is pretty bad). I'll try to get some pictures of them "in action" soon!
And as for the tops of the tights? Assuming the waist elastic isn't too tight, you can turn them into skirts, or just leave them as is (like little hot pants) and wear them under skirts or dresses for a little extra coverage in summer - or is my daughter the only one who can't seem to keep her dress down? :P