Caps For Good is a charity that is putting together care packaged for young mothers and their new babies in Asia, Africa, and South America. They need very small knitted caps for the babies and are asking yarn crafters to make them for the babies.
They do have a time restriction on this one and want the caps mailed to them by February 28th. You can get a PDF Caps for Good Action Kit on their website. It has patterns for both crochet and knit and more information about the program, it's plans and goals for how to reach out and help newborns in developing nations.
This one would be very inexpensive and quick to participate in. It would only take a couple hours of your time to help newborns who needs a little extra care.
Also a lot of Aussie bloggers and bloggers from around the world are getting together to hold a different kind of auction in support of the people who have been affected by the extreme flooding in Australia. If you would like to get involved or donate to the cause you can find out more information at Make it Perfect. Toni, the blog author, will be putting together a master list of all the bloggers participating in the fund raising drive and posting it on her blog very soon. She has details of her auction here and I do know Jodi at Ric Rac has an auction going here.