Here is a great idea for grabbing additional space and adding a ton of creativity and fun!!
We converted this bed room with a traditional closet into a home theatre, but we did not want to lose the ability to have kids sleep in the room if we needed extra space. Sooooo, we turned the closet into bunk beds, and added a cool rock climbing wall so the kids could have a fun way of getting to the top bunk.
It worked out perfectly, and the kids love it.