I recently picked up an old top that I'd knitted with this gorgeous pink ribbon yarn (I can't remember what make it was, it'll come to me...) Plain stocking stitch just didn't seem to do the yarn justice, it was thick and too bulky for a summer top and just looked scruffy. It's been sat in my box of "tricks" for ages, and I finally decided in February to just frog it and turn it into something else.
The result is this, a light, spring/autumn shawl where the yarn can show itself off and keep me warm at the same time!
The stitch is just a variation on garter stitch - knit the first 3 rows, and then wrap the yarn around each stitch of every fourth row around the needle twice. On every fifth row these "extra" stitches are then dropped to create the ladder effect.