I'm definitely going to be making more of these lovelies.
This was the easiest shirt refashion I've done so far:
I started with two ill-fitting orange t-shirts. The first one got nipped in about a half inch on each side and I changed the round neckline to a V-neck.
I cut two 3" wide strips out of the second shirt, sewed them together, gathered them, and stitched them on to the first shirt. Voila!
Time: about 30 minutes
$$: FREE!! The shirts were hand-me-downs from a friend (thanks Shauna!)