This instructable shows the major steps in making a hammock tent with a waterproof tarp. All the materials are readily available online or in any large or small town fabric store and even some big box retail stores that have fabric sections in them. The fabric is ripstop nylon off the shelf. I was lucky (and persistent) enough to find camo ripstop for 1$ a yard for a remnant. The ripstop itself is not waterproof and for the hammock I would recommend NOT waterproofing it so it can breathe. Other wise you will wake up in a puddle of your own sweat. I used 100% poly thread and only in a few situations did I deem it necessary to use heavy duty thread. Your sewing machine should be set to a fairly long stitch length. I also recommend backstitching every foot just a tad in case the tread breaks at some point in the future. This will not allow the entire stitch run to become undone.
I did not include detailed instructions on sewing or whipping the ends or waterproofing the tarp. There are wonderful instructables by other authors that include these needs in great detail.
I would strongly recommend using elastic shock cord for the side tie outs on the hammock and for four points on the tarp.
NOTE:I used 550 para cord. I have read this is not a good solution for this. I double the cord and I think at 6' @ 170lbs I should be ok. It is strongly recommended to use something much more sturdy like 1000lb tested cord or mule tape which is rated in the thousands of lbs.
As always use extreme caution when constructing anything that will be suspending you or anything that is flammable or vapor horrific.
I based this design very roughly off of several retail designs. My favorite being the Hennessy Hammock Tent. It is one of the most beautiful and elegantly refined products on the market.