Magnetic Spheres
Mini, powerful, magnetic spheres -- marketed as Buckyballs -- are fun to manipulate and shape. You can mold and shape the 216 balls into unlimited patterns and shapes. These magnets are a tactile toy, and other than creating shapes, there is no object to the game, but they are a lot of fun to handle. Small children should not play with these, as they may present a choking hazard.
Wooly Willy
Wooly Willy, the one with the "magnetic" personality, has been around since 1955. Using the magic wand provided in the toy, kids lift magnetic shavings to give Willy eyebrows, a beard, a mustache or any facial accents. This classic has variations, such as Hair-Do Harriet, that appeal to both boys and girls.
Frigits
Frigits are a magnetic refrigerator toy. The toy includes magnetic chutes, rail, buckets and Ferris wheels that a child arranges on the refrigerator in such a way that a marble travels down and lands in the catch box provided. The alternatives for play are endless, especially when you purchase additional pieces of the game for more complex marble paths. This toy is not for small children due to its small pieces.
Homemade Games
Give a kid magnets and he will likely have plenty of fun experimenting with them on his own, but there are games he can make and play with a friend. Use a cookie sheet as a portable game board with magnets as the game pieces. Tape a sheet of paper on the cookie sheet with a tic-tac-toe or checker board drawn on it. Use circle magnets -- available at craft stores -- as the game pieces. For fun table-top games, place one magnet on the table and use a stack of round magnets underneath the table to control the magnet on top. In this way, have cotton ball races with friends. The magnet on top of the table, controlled by the stack of magnets below, pushes a cotton ball to a finish line. Create variations of the game by pushing other lightweight objects.