The Staple Dress. I cut it into a hi-lo shirt, raised the neckline in the front and back, and added leather tabs.
Fabric: Peachskin from fabric.com. (It's on sale right now too!) It is a polyester, but it has a really soft hand and fluid drape. It breathes well too.
Time: 2 hours
Cost: $2.79 per yard and I used two yards, so $5.58 plus a little bit of leather and some snaps.