Step 1: Collect your raw materials
Wash all the sweaters in hot water with a little soap, and dry in the dryer (since different sweaters shrink at different rates, check on them while still damp and if any are shrinking more significantly that the others, take out and stretch out, then air dry). They don't have to felt perfectly for this project, since you'll be stiching them up, but it will help if they felt nicely.
You'll also need:
Thread or embroidery floss
Something to stitch with (your hands or I prefer a sewing machine)
2 Buttons for eyes
Tongue felt - Either use a piece of one of your sweaters (if they felt tightly) or felt square from the craft store. You'll just need a piece about 1" x 2-3"
Stuffing - recycled from old pillows or bought new. And a handful of cedar shaving will help prevent moth holes later.
(*the other sweaters have been used for other projects, see [http://http://dabbled.blogspot.com/search/label/recycled%20sweaters dabbled.blogspot.com])