I stole this idea from my friend, Melissa, after she sent my son home w/ a similar water bottle after a sports-themed birthday party. Since I abhor the cheap trinkets you get at carnivals and the like, I very much appreciated the idea. I would much rather send a kid home with one usable gift than a bagful of junk!
Spencer had a MIZZOU-themed birthday party this year. I used the Cricut and my basketball cartridge in the Design Studio to weld together each child's name. I cut this out on a silvery-white vinyl I got for free from a scrap pile at my brother's printing company. I then added Missouri stickers with a glaze of modge podge. The modge podge didn't stick very well. I think it will rub off with a few uses and then the stickers will eventually wear off as well. I do believe the vinyl will stick, though.
I filled the water bottles with football trading cards for the boys and Webkins trading cards for the girls, little Kleenex packets, a package of dry Gatorade mix to add to their water, and candy and stretchy bandz from the pinata.
The appliques on the water bottles may not last for years to come, but I KNOW they'll last longer than a cheap plastic bag filled with plastic junk! And the kids thought they were pretty cool!