Why not go "all out" and have a real Carnival?

Think of some games you have seen played at school fairs, and other such events, then adapt them for your students. Set up stations around, like booths at a fair. Have some simple "prizes" (candy, gold stars, etc). Let your more accomplished students assist in manning the booths, and start each student with 10 tickets (Coloured, numbered pieces of paper), to pay for their games. (You could even "sell" more game tickets with Monopoly money).

Suggestions For Games

1 Fish Pond...Use poles, with lines and (safety pin) hooks, bucket or wash basin and word cards.
Each player gets to snag 3 "fish" (word cards) - put onto the "hooks" by your helpers....works best if the fisher is in front of a curtain and hidden from the helper. They have to say each word correctly, and try to make at least one compound word from their "catch".

2 Roulette....use a wheel with the Alphabet and a board of Blends & Schwas.
Players put bets onto the board, and the wheel is spun. The player(s) with a valid word wins.

3 Darts....use a circular cork board of numbers, or letters, or words, and darts.
Players get 3 darts. They may:-
a)say each number as they hit it
b)try to spell a word
c)try to make a short sentence.

4 Fortune Telling.....use good luck sentences, (like in the fortune cookies) and a Grab Bag/Box
Each player gets to pick a Fortune. It must be read aloud, to be valid

5 Snack Food Booths....use empty wrappers, containers, etc, of favourite food and drink items.
Each Carnival goer can buy from the booth by correctly asking for their snack, and paying the correct price (in Monopoly money)

6 White Elephant Stalls....use either pictures or word cards of items.
As with #5, player must accurately ask for what is wanted, and pay the correct prices

Well, these are just a few ideas. Hope they are useful to you. Good Luck ;-)