Using the Different Levels
If reading groups are arranged homogeneously, then simply choose the appropriate version for the reading level of each group.  This allows each group to work on the same book but still be successful yet challenged readers.

Another way to determine which level to use is to focus on a specific concept of print, sight word, or phonics skill and choose the appropriate version to teach and reinforce it.

Working In the Books
Allow children to "work" in their books.  Ask them to circle, underline, or draw a box around specific things.  You can also allow the children to use colored highlighters to highlight certain letters, words, spaces, punctuation, etc.  (Children LOVE to use hightlighters!)

Before running off copies, white out all punctuation throughout the book.  After reading through the story, go back and help the children determine what punctuation is necessary and where they should put it.
Allow the children to write their own endings to the story.  Before copying, remove the last page of the book and replace it with one of the following:

1)  A Blank Page - the children illustrate and write the text
2) The Last Page of the Wordless Version - children use illustration to write the text
3) A Page With the Correct Text, But No Illustration - children illustrate the given text

Use KINDERREADERS in your Listening Center.  Record the story several times so the children can listen and follow along.  After reading the story repeatedly, have the children practice listening skills by following your directions and working in the books.  You can ask them to color items specific colors, underline/circle words, letters, blends, digraphs, punctutation, etc.

While working in small groups, pass out the wordless version only and use this version for the picture walk.  Because there is no text, children will be forced to focus on the pictures (rather than trying to "sound out" the words) and find the picture clues.  Upon completion of the picture walk, collect the wordless copies and pass out the chosen level.  Now, the children can focus on the text using the clues you just discovered, as well as other good reader strategies on which you have been working.

Creating Personal Book Collections
After reading and working in his/her book, each student should be allowed to keep it and add it to his/her personal collection of "I Can Read" books.  Create a book box for each child.  You can use anything - cereal boxes cut on a slant, shoeboxes, plastic shoebox size containers, etc.  Have a brainstorming sessions with small groups of children to let them think of favorite stories each has read.  Let them then draw a picture or two from each story on plain white art paper which you will use to cover their personal boxes.  To nicely "finish off" the box, purchase clear contact paper and cover to preserve the child's art work.  Keep these boxes in an easy-to-reach spot for the children.  As each child completes a task, allow the student to get his/her book box and read until it is time for the next activity.

If you do not want to keep the books in your classroom, you can send them home.  A great way to make a home-school connection is to send a book home each week with a "Suggested Activities" paper attached.  By creating multi-disciplinary activities related to the book, you can get parents very involved.  Encourage children to bring in the home activities and share them with the class.  ( I offer special incentives for children who return the activities. )