After seeing Jenn Playford's cleaver use of shirts to wrap gifts I just had to have a go too and it works so well! Especially with books. Jenn is a virtuoso and she's also created a really, really fantastic book called Wrapagami, inspired by traditional Japanese furoshiki and origami, but using unique cloths it takes things to a new level of cool. For the step by step see the video below.
Shirts: Vintage (one has an asymetrical front for an interesting effect)