Here's what I did...
Its pretty basic - once you have the concept in your head, you don't even really need the instructions.
Find some Christmas paper and cut it to the right length and width - just the width and length of the part of the cracker with the offensive colour on it.
|The green and red crackers on the right came in those colours and weren't "recovered".|
The bottom left ones have had both the ends and middle recovered.
The top left ones have only had a patch put on the middle part.
If I had more time (and thought there would be enough sober people and bright lights to really appreciate them) I would have painted the pink parts on the top crackers green (or maybe white).
Green-ness: 3/5 for using rather than throwing something out - probably better to make your own or go without.
Frugal-ness: 5/5 for being able to find a way to use these rather than store them or throw them out.
Time cost: About 1/2 an hour
Skill level: Once again - simply cutting and pasting!
Fun-ness: More a sense of contentment when it all came together than fun!