Contemplating doing something crazy

Our second bedroom is pretty blah. We weren't sure what we were going to do with the room when we repainted the condo after we bought it, so it's just cream-colored with an inflatable airbed in it and serves as a guest room. But it's really sort of a wasted space, since we don't always have people here. I want to turn it into something useful and fun. A reading room? A place to leave craft stuff out and not have to pick it up? (But keeping the guest room functionality, somehow.) I'm thinking I'll be bold and daring with the paint. But can anybody recommend a nice-looking sleeper sofa / futon / something that converts from a thing you can sit on to a thing two people can sleep on? We've looked everywhere and haven't been thrilled.