M.L.
Family Fun magazine has a super cheap, easy and adorable craft. Making snowflakes using only glue, glitter and q-tips, and fishing line to hang them with! The kids can make a mobile. Here:
http://familyfun.go.com/crafts/snow-swabs-1030054/
Decorating premade sugar cookies... then eating them is a huge hit!
More adorable and easy crafts/snacks ideas here, the snowglobes are easy and adorable:
http://familyfun.go.com/christmas/
Popsicle Christmas trees are also easy too.