For the second installment, this is probably best as a YA or children's book:
Using as many of the fairy tales you remember from childhood, write a story interweaving the stories into something that makes a logical whole world. Think of Shrek, only it doesn't have to be comedic, or too centered on nursery rhymes... remember, you don't have to make a whole series about it, though that worked well for several seasons, didn't it? Eh, Nick?
Feel free to go dark with this if you want to, turning the piece into horror, or selecting the more disturbing of Grimm's tales... whatever you choose to write about, even if you turn it into a modern crime novel, make it as realistic as you can, so that its fairy tale elements are woven into the fabric of the real world around us, but in surprising ways.
Or turn it into a poem, giving us enough clues so that we know who each person is, without your naming a single one of them. Let the glass slipper, the three bears, or the mirror tell us where we are and what you are drawing from.
Use the idea if you like, or leave it. I'll be back with more (let's hope I can keep this going through the whole month).