So this costume took at most an hour to make, and since it is a duo costume, if you have someone else it goes even faster. All you need to do is take the two twister boards and tape them together.
Then take the cardboard and cut off one panel of the trifold. Use that panel and tape it to the inside on the side that is meant to be your front board across the width. For girls, I'd put it towards the top, for guys, I'd put it down the middle. This serves two purposes: 1) It keeps the board splayed out (instead of just dropping down), and 2) it protects you from people who will grope you in inappropriate places (crotch for guys, chest for girls, I don't think people have gumption to even GO towards crotch of girls in this costume...but I could be wrong).
Then use tape to tape the back side of the trifold open so it remains flat. Then draw on the text "Right Hand etc." in all four corners, draw the appropriate hand or foot, and lines to turn it into a quadrant.
Then cut the construction paper, 4 circles per color (red, yellow, green and blue) around 6" in diameter and arrange them in a circle and use the tape to tape them down.
I actually used 6 black construction papers to make an arrow, and and cut them all at once and taped them all together all along the edge to make it sturdier. Poke a hole in the middle of the cardboard and in the end of the arrow and fix with a brass fastener so it can spin.
If alone, just take the actual spinner from the game, and use tape to hang it around your own neck.
Use tape and put two sticky sides together and then fasten to front and back of the board so it can hang around someone's neck.
For extra credit, use the magnets on the other side of the arrow and around the base of the arrow so the arrow doesn't just hang down the entire night and people can spin it and it'll stay upright somewhere.