I'm in the process of choosing colors to paint the home office and bedrooms. And I have a huge pile of paint chips that I took home to whiddle down the color I want to put on the wall.
You can throw them into the paper recycling which is the easiest way to just get rid of them.
Another option is to use them as a place card for your next informal dinner party. I got this idea from Real Simple Magazine. Cut off two colors from a strip then fold to make a standing place card. It would be really fun for kids parties to use as a place card for the different appetizers.
For crafters, paint chips are the perfect size to punch out different shapes. From flowers to butterflies, you can punch out shapes ranging in many colors. It will save you $$ on colored paper. I would probably not use them in scrapbooks with old photos because the paper isn't acid free but you can have some fun crafting with your kids because there are so many beautiful colors to choose from.