The Weave-It Rug Loom is one of my favorite little looms. Awhile back, I was lucky enough to find this one at an antique store along with a plastic 4" Weave-It. The Rug Loom is a little bigger at 5" square and it has fewer pegs, but you wrap it exactly the same as the smaller loom. It was meant for using bulky, or a "rug" weight of yarn, and most of the patterns I've seen from the old booklets are for afghans or stuffed toys.
I like my Weave-It Rug Loom so much that I had to make a video. Hope you enjoy it!