Step 1) Take a standard sized cereal box and measure 5" from the bottom on one of the short sides.
Step 2) Measure from the line you just drew, across the large side up to the corner, creating your diagonal line.
Step 3) Cut along the lines you drew to create the magazine rack shape
Step 4) Use wrapping paper or fabric to cover the ugly cereal box. Cut the wrapping paper to the proper size, leaving a few inches to fold over, spray the box with spray adhesive and press on to secure.
Step 5) Add a scrap of paper (or something cuter) as a label and you're set.
Also from Sew Many Ways are tons of ideas for organizing. I found me some shoe boxes and I labeled them (who wouldda thunk it). Never again will I be searching high and low for batteries nor will my husband ask me where the stamps are. Thanks for helping me get a start on organizing my closet, Sew Many Ways!