How do I make this?

Urban Outfitters has a section on their website called Urban Renewal where they take old clothing (like you would find at Goodwill) and take it apart and put it back together as something new and beautiful. This is from an old men's shirt:



It shouldn't be ALL that hard to figure out how to do, I just need to sit down and do it. Besides, I should be able to get plenty of practice. You know the old threadbare, ring-around-the-collar, yellow armpitted men's shirts for a quarter (side note: why on American keyboards is there no 'cent' sign?). Maybe I'll go at it over Thanksgiving break. My mom has the best sewing machine ever, it's like a tank, you could sew through wood.