4 Cobblestone,8 Wool,8 Redstone dust
1 use, produces a bound rune
It tells you how far before 2 blocks of air are detected, and can detect the presence of lava and water. In 4.0 it will have a buff in the form of letting the user know where the air space is in any direction.
Right click the rune with the paper, it will enchant the paper.