Free Bag of Yarn!!!

Now that I have your attention!
Remember the yarn focus group that I went to a couple of weeks ago while knocking on death's doorstep? Well, my "free" bag of yarn came yesterday. We were there for a little over 3 hours, the yarn is $10/ball, or $100/bag. We figured out that we were "paid" about $30/hour for our time & opinions on yarn. Not too shabby! I have NO IDEA what I am going to use this for. The stats are:

• 3 1/2 sts/inch
• 750 yards total
• 40%merino. 28% viscose, 10% cashmere, 15% nylon, & 7% angora

Any ideas/suggestions? I was planning on using malabrigo to make the lace leaf sweater from loop-de-loop. Maybe this will be a better choice. I do like the idea of brown autumn leaves. The gauge is way off for that. OOH... Or maybe the Yoke Vest. When it comes to sweaters, I can never make up my mind, and commit to a project.
So yesterday some pals came over & we had an afternoon knitting session. I spent most of my time working on the stripy socks, the ones on the archaic dpn's. hehe Then my friend Kate gave me the motivation I needed to finish my damned slippers. Tonight we are planning to go see Purple Rain at the Parkway. This theater is awesome, they have big comfy couches, and serve pizza & beer during the movie. ANYWAY, what does that have to do with me finishing my slippers? Kate offered up her top loading washer for the felting process. I have given up felting in my front loader. It is totally do-able, stuff felts in there, it just takes 5 cycles to get it done. And I feel way too guilty about wasting the water! So the slippers are DONE!! I will give you all of the gritty details when I post the after photos.

I cannot believe that I was ale to practice such restraint and work on ONLY older projects. I did NOT even touch my magic loop socks. Well, just to show them off to my pals. And I have a silly non-important question...
Are there different names for knitting small circumference on one vs. two circs? Does magic loop apply to both techniques?