Above, the "shoe-bag" from Azumi and David, circa autumn/winter 2006 (left) and 2000 (right).
Below, the "Sole Bag" from +-0's Second Collection, circa 2004.
Last but not least, a variation on the theme: the Boot Bag, designed by Saskia Marcotti for Vlaemsch, circa 2004.
I like them all. Wonderful tongue-in-cheek combination of form and function. My favorite is probably the 2000 version by Azumi and David. The stiletto heel really accentuates the unexpected shoe element. I'd like it even more if the shape of the bag was more like their 2006 version.
But they all have a distinct advantage over traditional bags: you can set them on the ground, no worries.
plus minus zero
Azumi and David