The Purple Tool Belt: Making something of your Room With No Name

I have this room in my house that I oh-so-lovingly refer to as the Room With No Name. Frustratingly, this room really has no specific purpose. Most rooms are pretty self-explanatory - bedroom, office, living room, kitchen and bathroom - all have a pretty specific purpose and it's obvious. A Room With No Name seems to have a bit if an identity crisis.

I'm sure I'm not the only one who has one, so what do you do with a room like this? I say embrace its diversity and bring it all together in small ways that in the end will make a big difference.