Loved the article on Praying with Loom Bands over at Childrenswork Magazine, especially this idea:
Praying for the world
Choose three colours of band – one colour to represent you, one to represent your country and one to represent the world.
Using the single-linked method to make a band with alternating colours or with a block of each colour (as shown above). Add the link to make a bracelet and use it as a prayer bracelet – praying for each person or group as you move from colour to colour around the bracelet, or block of colour to block of colour.
Go check out the full article for more suggestions.