Description from Knitty.com:

Having burned my hands through the disposable cups of our coffee culture, I devised a solution that allows the coffee-drinker to divorce themselves from having to actually hold their hot coffee with their hands. The slingshot.

Slingshot will keep your hands away from scalding liquid, while allowing you to carry the coffee without spilling. Just slip the cup into the lower part of the carrier and off you go. One can even drink with the cup still in Slingshot...just move the handle aside to sip through the coffee lid.

A little bit of Fair Isle makes it stretch into a bit more knitting and provides an opportunity to try out Fair Isle without the commitment of a sweater or socks or whatever. If you don't want fair isle, work even in one color. The pattern calls for 1 ball in two colors, but you will not use anything near the entire ball, and could get multiple Slingshots out of the materials as listed.