when life hands you lemons...

...make lemonade. Or in this case, when you buy a fair isle sweater at Goodwill :-) ...

and then discover that it has some holes in it :-( , throw it in the washer on hot for a couple of cycles (firmly sealed inside a pillowcase so the resulting fuzz does not cause the washer to seize)...
chop the resulting felted sweater up...

and make a felted bag for a different fair isle sweater-in-progress.