I'm still tweaking this next project, but when I found this $5 XXL Tall men's sweater in a thrift store, it just had so much potential. At first, the shoulder seams landed just above my elbows, and the sleeves dangled a good eight inches past my wrists and the armpits hung like wings. I did nothing to the neck opening or the length. (Also, please note that in the next two pictures I am busy trying to convince Toby to do... something.)
This first picture shows the color most accurately- a sort of mossy green. It isn't the most attractive color right away, but a colorful scarf, thick belt, statement necklace, or bright tights (maybe orange?) could make a huge difference.
Please forgive my dirty Peter Pan boots. And like I said, not the most gorgeous color, but compared to these, for example...
$188 from Anthropologie.
$65 from Modcloth.
$79 from Urban Outfitters.
...five bucks from Salvation Army starts to look pretty good.