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Vivienne Westwood made these jelly shoes a few years back (and they are still available right now), they come in several different color combination, but my favorite one is this peachy-pink color with black hearts. I decorated a pair of similar shoes.

Cut two heart shape from a shampoo bottle, those will be the base of the heart shape. (The edge is bent, I made it flat later on)
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Get a pair of (preferably white color) satin special occasion shoes. Don't buy them new, they are often more expensive than they are worth, thrift stores are often filled with them as wedding cast-offs in every color. Remove the decoration (if any).

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Mix 1 cup of warm water with food coloring. I used 10 drops of red and 3 drops of yellow. The color will not be waterproof, but since it's not meant to be worn long term, it will be cheaper than fabric dye. Test color on a sheet of white paper towel first.

Use a large sponge brush and quickly cover the entire shoe in color. The color will get lighter as it dries. Let it dry for about two hours.
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Finally, use a small amount of leather/patent leather/vinyl to cover the heart shape. Glue/sew it onto the vamp of the shoe.

 
 
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It didn't turned out as well as I wanted, since Sharpie is not really "sharp" on felt. Next time I should cut out the black part on black felt and glue it onto the yellow part of the banana.

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I think Valentine's Day merchandise has the highest post-holiday usage than merchandise from any other holiday. No one would wear a shirt with a Christmas tree or a pumpkin on any days other than Christmas or Halloween, but a shirt with a heart is generic enough that it can be worn on any day other than the two weeks after Valentine's Day (because it will look like you got it for 75% off).

Here's something you can do for the two weeks after Valentine's Day though. Take this cheesy heart shaped cosmetic bag:
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Cut the hull part from green felt and seeds from beige felt. Glue them to the heart and you can use it on any day regardless of season.
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So what's a bigger rip off? A $900-$150,000 bag that makes you wait for 5 years or a $3 canvas tote bag with a picture of that $900 bag printed on it and sells for $35?
1. On a $3 canvas bag, draw the outline of the bag with a pencil
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2. Go over the pencil lines with a Sharpie
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3. Tell everyone the waiting list is actually 3 years, not 5 years as quoted in Sex and the City