It's a felt sewing needle/straight pin case--simple, fun to do while you're watching Joan Crawford movies on Turner Classic Movies or "Making the Team: The Dallas Cowboys Cheerleaders." Oh yeah!
I just noticed that the late summer Southern California afternoon sunshine makes it appear that I shone a klieg light on it--but no. I was inspired to make this by something I saw, some time, somewhere on the Internet (blog, craft site, etc.), but I can't remember where. So, thank you, someone, for inspiring me.