What you're looking at is a recycled drum from an old washing machine. Add a seat, casters (although I think those could be optional) and you've got cool extra seating available for indoors or even out on the patio, depending on the type of fabric you use for the cushion. I came across this eco-friendly DIY project on the Eco-street.com blog. I'd love to see how other readers became inspired to do something similar.
Budget-friendly, eco-friendly... it's definitely a good green thing.