You will need: two ballons, a sharpie, minimal artistic skills
Blow up two balloons. One one write letters, and on the other draw pictures of things that start with that letter sound.
To play throw the balloon with the letters up in the air and have your little one catch it. Have him choose a letter he is touching when he catches it and tell you what sound the letter makes. Then throw the second balloon with the drawings and have him find the object that begins with that letter sound. We began with letter A-I and then gradually added more letters and drawings.
This was a great activity for my active boy. He wanted to keep playing and playing!