If have about $40 to spend try this:
Go to your nearest craft store and buy a big roll of stiff batting (I'm sure you know what this is) and cut it into the body shapes and glue them together with contact cement. Seam it carefully so that you don't slop the cement. Make the head, feet, and hands all separate from the rest of the body. The body should go together like a big pair of pajamas with a slit in the back. Use safty pins to close it up. For the hat, bib and eyes, make them out of felt and hot glue them together. Add a large blue scarf and your done.
Depending on where you go and how careful you are with it, it just might last you the entire night.