As you can see, I drew what I wanted it to look like before I started making it. Originally I was going to have a black waistband but opted for the white instead. I think it looks better that way.
Step 1: What you'll need
Four yards of 180" wide tulle
Two yards lining fabric (I used white satin)
Enough of 3" wide elastic to go around your waist + 1".
Also, you'll need:
A sewing machine
Pins (lots and lots of pins...)
This is not something that can (easily) be sewn by hand. I wouldn't attempt it in a thousand years.