Make a series of homophone flashcards. Use one flashcard per word, and make sure each card has a complementary flashcard with its homophone. Bring a series of objects into the classroom that represent the words on the cards, one for each word. For example, if you have a card for "night" and one for "knight," you might bring in a picture of a night sky and a toy knight in armor. As a group, ask the class to place the appropriate flashcard in front of its corresponding object.
Have each student write a story with homophones used incorrectly. Specify that each paragraph must contain at least one homophone and must be accompanied by a picture. Give an example, such as "Jill got up and in the morning and has a glass of T." Draw a girl drinking a glass filled with the letter T.
Clear the desks out of the way and have students stand in a circle in the middle of the classroom. Call out a homophone and have students make an action to illustrate one of the word's possible meanings. If you say "see," for example, students might pretend to look at something carefully, they might lie on the ground and mimic the waves of the sea or they might curl themselves into a large letter C.
This activity works best for older students. Break the class into groups of three to five students. Have each group come up with a skit that features homophones. Each time a character uses a homophone, the group must pause and ask the class which version of the word fits the situation. For example, an actor might announce that he is going to brush his hair. The group would pause and the class would decide whether the situation called for hair brushing or hare brushing.