When my son was younger he enjoyed dressing up as animals. This year (2007) he wanted a Homemade Rudolph the Red Nosed Reindeer Costume.
I used a child-sized sewing pattern for a bunny for the main body of the costume. I cut freehand the ears, antlers, nose and hoofs. The eyes are made out of polymer clay. The nose is a sparkly red material that I stuffed and stitched closed.
The hoofs are synthetic leather that I glued onto mittens made out of the light brown material. The antlers are made of a brown suede material that was stuffed and hot-glued on. A wire hanger was bent and glued to the inside of the ears to keep them standing up. They were then hand-stitched to the hood of the costume.
Approximately 3 yards total in material: $20, time spent: 4 hours and him singing Rudolph the Red Nosed Reindeer for days in October: priceless.