This happened by accident! We had a birthday party this last weekend and I was taking down the decorations. The boys grabbed the streamers and made a pile. They dove in, rolled around, ran through them and ran through the house with them. Of course! Why didn't I think of this? Fun, crinkly, multi-colored paper to crumble, tear and get tangled up in. Loads of fun.
You could totally pick up a few different colors for a couple bucks and let them have at it. You could tuck a few long strands in their shirts and let them run around with it flying behind them, totally fun. You could "mummify" them. I'm going to keep some of it around for some impromptu parties.
Have you had any accidental sensory play that was a hit?