I did it! I did it! I shirred something. Elastic thread is EASY SO SO EASY to use. Even I figured it out on the first go-around.
This tutorial is what helped me (warning: it's a pdf). Lots of pictures in there to help.
Looky what I made! It's the beginnings of a dress made from a pillowcase ($1.99 thank you Value Village!).
Did I mention how EASY it is to use elastic thread? It is. Seriously. Just do it. You'll be like me and want to shir everything in sight.