If done right, it could be a new piece of art up on your wall.
There are different ways you can approach this old frame craft idea. You can sand it down, give it a new coat of paint... I remember seeing an idea of cork board wrapped in a pretty wall paper behind the frame... it was quite a while now but when I find it again, I'll be sure to share it on twitter!
Once you get an idea, go for it!
Finding out simple ways to be creative is fun and can really lighten ones mood. After you make a project like this, you will not only have a new piece in your house that is a focal point but whenever you see it, you will know that it was you that put it together! You made art.
How would you make your old frame wall piece?