Just wrap and wrap to you hearts content, gluing periodically. At one point, I was like, "Gee, why is my finger hurting?" and realized that I was hot gluing myself. I did it several times, actually. I don't suggest you do it.
What you need:
Two yards of white broadcloth, torn in different sized strips (you can cut the fabric, but it's faster to just tear it, and it give a nice frayed look)
Assorted googly eyes
Hot glue gun and sticks
Approximate time: 1 hour
Kid Friendly Rating: Not really for younger kiddies, I was sad to discover. But if you have older kids who are skilled in glue gunnery, then have at it!