Surround a crafting rune with stone to create 8 water source blocks in place of the stone.
The same can be done with Netherrack for similar results.
If wool is not soft and floaty enough for you, surround the crafting rune with wool to create clouds, they must be picked up with Silk Touch.
Want to play God? Surround the rune with Glowstone to make it midday or Obsidian to make it midnight.
Control over time not good enough? Place Glowstone in the corners, and cloud on the sides to make lightning strike down from the heavens.
As shown in the image above, you can place stone and obsidian together to create a blank rune.
Mundane Belt
W S W w= Wool
W W s= Blank Slate
W G W g= Gold Block
Mundane Ring
S p = Light Pressure Plate
P P s = Blank Slate
G g = Gold Block
Mundane Pendant
T S T w= Wool t= Tripwire/String
W W s= Blank Slate
W G W g= Gold Block
Inert Focus Crystal
E S D o= Obsidian t= Tripwire/String
O O s= Blank Slate e= Emerald Block
O G O g= Gold Block d= Diamond Block
If you use cobblestone instead of stone in the crafting of a Blank Slate, you will craft yourself an Inert Rune!
1.2.0 adds 5 new blocks, that can be used for different purposes.
All of these require a certain pattern of runes around them in order for them to function, so make sure you lay it out properly.
For example, the below Windmaker's Vent is not functioning.

However, if we place 1 Windmaker's Rune on each side, it will function.

With the correct pattern, the block now functions, and you are able to jump off of it with great height.
The Infernal Incinerator requires an Infernal Rune to be present at all corners of the block.
The Aquatic Reservoir requires the same pattern as the Windmaker's Vent, but with Aquatic Runes instead.
The Floral Garden requires 1 Floral Rune to be placed beneath it.
Finally, the Transposing Emitter requires 1 Transposing Rune to be placed 5 blocks above/below it. You can do 1 rune above and below the emitter, that is not a problem.