Step 1: What you need.
It depends on how big of a hat you want. I use one sock,"body", if you will, for the grey/white part of the hat. The white hat took about 2 and a half socks for the red and black,"rim". The solid red rim has the red parts of two cut in half and turned sideways.
No, your teeth don't quite cut it. (hehe, "cut it") Socks are thick.
Use your own discretion on the color, heck use a friends discretion too! You will want the colors to blend. More than one color might be needed. Also, needles are a must. Twigs don't work.
A good work area.
Don't be a slob like me. Use a table or something.
Step 2: The bottom half
Cut length wise, or "hot dog style" from the open end of the sock down to where the red turns to grey/white/whatever. Then cut around the sock following that border until you remove the red. Cut the red into even parts that can fit around your head when combined. Cut the rest of the sock hot dog style and open it up. Its like biology, but with a sock instead of that creepy dead frog. Trim until you have a rectangle.
Sew your rim.
Connect those red strips of fabric that you so awkwardly fit around your head!
Sew that to the big grey/white/whatever rectangle.
Trust me, it needs to be done.
When you make your knots, make them huge! this is very lose fabric. I even secured some of mine with superglue!