This prank is very simple, it shouldn't take more than 30 seconds prep
Step 1: The Unbend
Unbend the paperclip.
Step 2: The Rebend
Bend the paperclip into a U shape.
Step 3: The Second Rebend
Bend the two ends outward, like the picture. The two prong-like things you get are going to stick out of your sock.
Step 4: Final Prep
Stick the paperclip into your sock, and poke the prongs through. it should look like you stuck a paper clip through your ankle.