What great ideas everyone has. i wish I had some little ones to do a fun room for right now!!! hahaha
as for the black board - chalk board is the proper name any more I guess. I have used the paint that you spray on and it worked great. It does take time and an even hand when doing it on the wall but mine turn out fine and if I could do it then I am sure others could too.
I love your idea for the old bean bag chairs. Using that plush fuzzy fabic that is so popular right now would be fun. I can't think of the right name for it. lol It comes in such great colors. I also like the idea of cutting out the bugs on the wallpaper and putting them around on the walls. When my daughter was little I did that with a short piece of border that were little old fashion girls and I pasted them around the room as a border using a pretty ribbom to tie it together. It turned out really neat. Just do something fun to cover the area that your border doesn't cover.
Remember no matter what you do your boys are going to love it because you took time to do it for them yourself.
What lucky little ones they are.

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Sandy
A friend is one to whom one may pour out all the contents of one's heart, chaff and grain together, knowing that gentle hands will take and sift it, keep what is worth keeping and, with a breath of kindness, blow the rest away.