I did this with red and white candles. It turned out super cute for the first stretch of the candles being lit, but once they started melting down and getting shorter, it wasn't as cute and now I just have a little metal bucket full of wax.
Pencil Candles in a Bucket of Sand. Fill a galvanized tub with sand, slide in a handful of candles, don with a festive ribbon, and you have an instant centerpiece; perfect for a Christmas table. I could change the colour for other celebrations.