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A heavy blanket made from fleece or felted-wool could be ideal, but you can use any type of blanket for this. Fold the blanket in half first, and make sure that all of the edges and corners match up. Next, cut right along the fold, then set one of the halves aside. Take one of the halves, and fold the bias tape over the raw edge. The raw edge should be sandwiched inside the bias tape, nestled right against the fold.  The color can match your blanket, or it can contrast it. You can also use ribbon for this, if you'd like something fancier. Consider folding the ribbon in half, and then ironing it. This will create a crease, similar to what bias tapes have. Choose a thread color that matches the bias tape, then sew it down using the straight stitch on your sewing machine. Sew as close to the inside edge of the bias tape as you can. Be sure to backstitch at the start and end of your sewing. This will keep the stitching from unraveling. Spread the blanket half down in front of you, with the bias-taped edge facing up and away from you. Next, fold the bias-taped edge down towards you by 8 inches (20.32 centimeters). Make sure that the jacket is centered, and that the collar is aligned with the top, folded edge of your blanket. You will use this as a guide for the placement of your sleeves. If you don't have a jacket, you can use a loose-fitting sweatshirt or T-shirt instead. Fold the sleeves on your jacket inward. Next, take a sewing pin, and place it just below your jacket's sleeve, right next to the body. Take another sewing pin, and place it right above the sleeve, right next to the shoulder. Repeat for the other sleeve on the other side of the jacket. You can use a tailor's chalk or tailor's pen for this. These will be your cutting lines for the arm holes. For a more tailored finish, cut the slits into ovals instead. Set the blanket aside when you are done. Fold the blanket in half first, so that the blanket's original side edges match up; the raw edge should be on one side, and the finished edge should be on the other. Cut the blanket in half, using the fold as a guide. Take the raw edge you just cut, and fold it towards the blanket's finished side edge. You should now have something that resembled a sleeve, with a raw end and a finished end. You will be sewing the raw end into the blanket; the finished end will make the cuff. Measure the sleeve against your arm, placing the cuff against your wrist (or wherever you want the sleeve to end). If the sleeve is too long, place a sewing pin at the shoulder, then cut it down. Measure your other sleeve against the one you just cut. This will ensure that both sleeves are the same length. Keeping the sleeve folded, place the narrow, raw end against one of the arm holes. It should be ½-inch (1.27-centimeter) wider. If it is too wide, make a mark along the raw edge, then cut the sleeve accordingly. Repeat with the other sleeve.  Remember, the finished sleeve needs to be ½-inch (1.27-centimeters) wider, to allow for seam allowances. Consider tapering the sleeves slightly towards the "cuff" for a more tailored look. Use the straight stitch on your sewing machine, and a needle and thread tension suitable for the fabric you are working with. If your fabric is not made out of fleece or felt, zigzag stitch over the raw edges of the seam; this will keep it from fraying. Align the raw end of the sleeve with the sleeve hole. Next, pin the sleeve in place, all the way around the arm hole.  If the arm hole is too big, position the sleeve so that the excess fabric is at the bottom. Next, use a needle and thread to close up the hole. Tie the thread off and snip off any excess. If the sleeve is too big, position the sleeve so that the excess fabric is at top. Use a needle and thread to gather the excess fabric until it fits in the sleeve hole. Tie the thread off when you are done, and pin the sleeve in place. Remove the sewing pins as you sew. Again, if the fabric you are using is the kind that frays, bind the edges with a zigzag stitch. Your coat is now complete. If you want to get even fancier, you can add buttons or snaps to the front. You can wear the coat with the collar flattened down, or tucked up against your neck.

Summary:
Find a blanket. Cut the blanket in half widthwise. Pin ½-inch (1.27-centimeter) wide double-fold bias tape along the raw edge. Sew the bias tape down. Fold the bias-taped edge down by 8 inches (20.32 centimeters) to make the collar. Place a short, loose-fitting jacket on top of your folded blanket. Mark where the sleeves join the body of your jacket. Remove the jacket, and draw a vertical line between the top and bottom sewing pins. Cut the sleeve holes and remove the pins. Take the other blanket half, and cut it in half widthwise. Fold each half lengthwise, so that the finished edge of the blanket becomes the cuff. Shorten the sleeves, if needed. Check the width of the sleeves against the arm holes you cut. Sew the sleeves, with the right sides facing in, using a ½-inch (1.27-centimeter) seam allowance. Turn the sleeves right-side-out, and pin them to the sleeve holes. Sew the sleeves on, using a ½-inch (1.27-centimeter) seam allowance. Wear the coat.