EVEN discarded old newspapers have come into their own as a handy material for the home craftsman. Some highly useful projects can be undertaken with old newspapers, water, paint and shellac.

For instance, if you'd like to make an attractive bowl, all you need to work with are some newspapers, water, paint, shellac and whatever bowl or object you wish to copy and use as a mold. In choosing your original object, be sure the top is wider than the bottom, so the mold later can be slipped off the form or model being used.

If you've chosen your object, you're ready to start. Take a generous supply of newspapers and soak them thoroughly. Turn the bowl upside down and apply the soaked papers around the bowl, patting them into shape, and leaving about a half inch of the bowl exposed. Don't worry about the folds or creases in the paper, as they'll be negligible in the finished product.

When the covering of wet papers is about a quarter of an inch thick-or as thick as you like-let the whole thing stand until dry. Even if it takes several days, be sure you let it dry thoroughly before proceeding further. Then, and only then, gently ease the bowl out, and you'll find that the matted newspapers have taken on the shape of the mold.

In order to cover the paper bowl and thus hide the print, you can paint it any solid color you like, both inside and out. If you care to, you can elaborate designs in other colors also, once you have your solid background. When the paint is thoroughly dry, apply at least two coats of lacquer or shellac. You'll be pleased with the complete transformation wrought by your handiwork.

This automatic pistol, which can be assembled in a few minutes, is one of those perennial favorites, a noise maker. Two pieces of heavy cardboard form the frame. The clacker may be Bristol board, as suggested, or celluloid. The cartridge belt is a length of corrugated paper. Two pieces of half-round molding make the barrel and two shaped pieces of wood form the grip. After assembling the pistol, staple the ends of the belt together. When it is pulled through the trigger hole, the clacker vibrates, emitting a realistic clatter.