This scrapbook cabinet, featured this week in BHG's decorating newsletter, probably dates to the 80's as a tv/stereo components cabinet. With large flatscreens now so popular, I see these regularly on kijiji and Craigslist really cheap and often free. Some fresh paint and a few storage containers and you have an inexpensive solution for all your craft needs.
Or how about fabric and craft storage in some freshly painted bookcases and china cabinets. In mismatched or dated wood tones they might just look like leftovers. Painted fun and fresh colours, I think they look adorable and intentional. I love the display space on top too. Seriously, I would swoon if I had all the fabric in these photos.