Well, I totally fit this thread. I have a tiny bedroom with a smallish closet and an average sized dresser. Recently I had to expand to an underbed sweater box and a plastic Rubbermaid "dresser" with three drawers. I have two overflowing trunk cases full of jewelry. I have shoes in the closet, in the dresser and under the bed. My handbags have their own rack on the back of the door.
I'd really like to not buy anything else this year and just work with what I have. I've read in books and magazines that most people wear 20% of their clothes 80% of the time and I'm definitely guilty of that. I have lots of cute hidden things that need to see the light of day, especially in my jewelry box as I've collected about 8 years' worth of vintage costume jewelry.
Limiting myself to create outfits out of only what I already have would make for a great, if potentially frustrating, creative challenge. It'd allow me to save money for things that really matter -- to spend money on necessities and on great experiences, not just objects. Plus it's more ethical -- for a whole year I would drastically reduce my (unintentional) support of sweatshops.
Has anyone else ever tried something like this?