Make little silly snowmen!  Ever try the empty toilet paper/paper towel rolls and glueing cottonballs on them?  Add googly eyes & whatever else you want.  Be creative.  My 4 yr. old loves this.

Also might want to checkout http://familyfun.go.com/crafts/.  We've done several from here.

Did you know that you can catch snowflakes on a black piece of paper or piece of material; like a scarf,  and look at their individual shapes?  Give it a try with your kids this weekend. 

Have fun & enjoy the snow!

Have you ever made snow ice cream? This is such an awesome idea.  http://allrecipes.com/recipe/snow-ice-cream-ii/detail.aspx

A friend who lives in the mountains does this almost weekly.  We never did it here b/c the winters are more cold and soggy v. snowy

Or play dough . . . . .

http://www.teachnet.com/lesson/art/playdough061699.html

I'm intrugued by the one that uses Kool Aid powder.

Crayola makes them. I got some from kohls for a few bucks but I'm sure any store that sells Crayola products would have them.