I got the idea for this project from Sarah over at the wonderful blog The Good Life. Initially I wanted to do the 8 Second Skirt DIY, which consists of just putting on a shirt and tying the sleeves as a bow at the waist. Then I found an XL large shirt at Goodwill at $3.50 and decided to do something a little more complex. I combined the initial inspiration with this other DIY that Sarah did, basing my project loosely around the both of her projects.
Here's how I made the basic skirt:
I then used the sleeves to make peplum ruffles and sewed a black elastic band around the waist. End result:
Total cost of project: $3.50 (plus maybe $1 for the elastic, left over from another project)