I love finding new ways to use old textiles, and this is genius. ABC Carpet takes damaged rugs, then "neutralizes" the color. Finally, they overdye to create new, highly saturated, modern rugs. I've tried to find out what "neutralizing" is, and how green (or not) it might be. If I learn more, I'll update this post.
The final product costs a fortune, but if you have a place to dye something this large, there's no reason this couldn't be a DIY.
Images from ABC Carpet. Via Apartment Therapy.