we had the same problem with our dog Kody. She would pull the carpet up an rip out the individual carpet fibers, pull the cushions off the couches and eat the padding by the springs - MAJOR stuff. Not a CD or a flip flop. We were in the same situation as you - gave her lots of attention, walked her, etc.
When we started walking her in the morning and/or letting her run at the park before we left for work we noticed a HUGE difference. We also started saving water bottles and putting her dog food in them before we go to work. She will work at unscrewing the cap off the water bottle and then throw around the bottle to get the food out. A fun game for her, keeps her occupied and gives her a job. I was home sick the other week and still did that with her and I realized how long she actually works on those bottles - I was amazed!
I swear those two things alone have saved our furniture and the rest of our carpt.
Now, if I could just get her to stop barking when I tell her to! If anyone has any advice for that I'd love to hear it!