I have a toolbox at home. When I need a low stool, I sometimes use it as one. The Peera sort of reversed the order on that one. It's basically two small benches that slap together to form a functional toolbox.
Created by Trinidad-based designer Marlon Darbeau, the multi-function contraption consists of two main parts: a small bench and another small bench. When combined, one bench becomes the toolbox container, while the other acts as the cover, making for one very useful companion for two-person DIY handyman duties.
The Peera's main container potion is built out of wood, with the handle sticking out in the center. That same handle can be recessed when using the part as a stool. The toolbox cover is made of metal with a small cutout at the top surface for the steel handle to slip out of.
Marlon's creation is only a prototype concept, so you can't exactly hit Ace Hardware to buy one. This is a great toolbox design, though, and would probably be feasible for a picnic bag, too (hey, some of us don't like sitting on the grass).
You can check out the Peera at the Global Africa Project, which is currently showing at the Museum of Arts and Design in New York.