This is a really simple costume to put together, but is sure to creep out plenty of party-goers. My primary idea when creating the character was based on the idea of the Cenobites from Hellraiser fame, but it turned out looking more like a demon joker. Which, I suppose still fits the Cenobite mold in a way.
It is pretty cheap to throw together, and really does not take much time. This is one of those "less is more" costumes. Going too overboard with it just won't look right, and actually detracts from the real creepiness you're trying to achieve.