For my 1st grader's class, I am doing 2 things. The fun one is silly string from the Dollar Tree in a plastic gift bag, tied with aqua tulle, & a "Have a silly summer!" tag. (I decided to tie them up in plastic gift bags in hopes of avoiding the kids spraying silly string all over the bus on the way home!)
The practical one is a Summer Reading & Writing Journal. I made a cover page that said "_______'s Journal Summer 2012", printed 3 Reading Journal pages, & then copied 50 Writing Journal pages. You can download the Reading Journal pages and the Writing Journal pages. I put all of this in a plastic 3 prong folder and added a pencil set. Maybe this will keep them learning over the summer!