Do you know those weights that can be put on books to hold them open? Well, why not knit one! I'm sure someone has thought of this before me and there exists a "real" pattern somewhere, but here's the idea:
Cast on and knit a tube. Close one end and fill with beans (lead shot, etc.). Close the other end. Lay it across your book and read while you knit. The next time you knit one, put in stripes or texture patterns. I'm sure Classic Elite will rush to make up a kit with this idea using fair isle patterns. <vbg> A longer, wider tube makes a great draft stopper and with a suitable filling (obviously not beans) could be thrown in the washing machine. I'm sure a felted book opener or draft stopper will be forthcoming from someone's needles.
Those of you with BKMs (Barbie Knitting Machines) can surely see the potential here. And your cast-on thread is already set up to close the first end.