We decided to upcycle them into glass jars and give them some flavor enhancements -- highly inspired by Dorie Greenspan's herbed olives (as seen in Around My French Table).
We put the olives into canning jars (two quart jars was about right for two pounds of olives -- we might have eaten a few on the way to the jar).
Then I warmed about a cup of olive oil just slightly in a pan with some mustard and fennel seeds, a few cloves of garlic, a couple bay leaves, and some sprigs torn from our scraggly indoor rosemary plant, and then poured the warm oil over the olives. To one jar we also added a couple dried chiles; to the other we added some strips of lemon peel and a big pinch of dried mint. Then we added more olive oil to cover the olives.
We didn't notice a very distinct change to the flavor of the olives, even after several days, but the improvement in aesthetics led to rapid olive consumption. The olive oil did solidify in the fridge, so I think I may try unrefrigerating the olives.
(6/3/12: Update to this post.)