Who doesn't have a place for vanilla extract in her kitchen? And since so many of us cut grocery costs by buying the imitation kind, this will be a huge treat for your guests.
All you need are vanilla beans, alcohol (rum, vodka, white tequila and brandy all work) and little bottles to make this yummy potion. And, you'll also need a little bit of time for the beans to work their magic.
Slice your vanilla beans lengthwise, and submerge them in your bottle of rum, or whatever liquor you've chosen. (You may have to pour half the bottle into another container to make everything fit.) Cap your bottle and shake it -- then stash it in a place that doesn't get much light. Check on your extract a few times a week, and shake the bottle so flavors can mingle. Give your homemade vanilla extract at least three months to set; six to eight months is ideal.
When you're satisfied with your concoction (the contents of the bottle should be dark brown and smell more strongly of the vanilla beans than of alcohol), pour it into small favor bottles. Add ribbon and labels, and you're done!