I found a red, black, and light grey striped rug at Dollar Tree that instantly made me think of a poncho. So I bought it and colored in the grey stripes with green marker to make it more colorful.
Next, cut out a bottle type shape out of cardboard.
Fold your rug over the sides near the "neck" and hot glue it down
I also bought a package of cut out from the dollar store. I glued cardboard pieces onto the back of the sombrero to give it support, then glued that to the neck of the board.
I hot glued a pop tab onto the back as my hanger
Then I just glued on a foam mustache, the guitar cut out, and some maracas. Done
Yep. It's cheesy, but what can I say? I like cheese.