I have just a little space under the stairwell for my scrapbooking area. I got organized January of 2009 and am pleased that I now have a place where I can scrap and leave the mess behind until I get at it again.
My handy husband, Darrell, made the L shaped desk for me and from there I set out getting organized
Having 2 boys in the house, our basement has kind of an industrial feel to it, so I continued with the "metal " theme in my area too. A sheet of metal screwed to the wall is great for magnetic clips to hold some of my stamping supplies. A little curtain rod that has metal ends on it works well for a ribbon holder and display.
Red Ikea curtains can be drawn back and the whole area just disappears. The metal culvert cover hides a support post at the end of the stairs.