I bought a black men's shirt yesterday at Salvation Army, which has a back yoke but no pocket, and rather poofy sleeves. The killer is it's so sheer you can read through it. I know - ewww!
But if I snip the collar off at the band & trim w/organza ruffle or lace, remove the body buttons and cover the button plackets w/flat trim, replace the remaining band/cuff buttons w/ribbon ties or fancy-schmancy buttons, & add trim the cuffs to match the neck. Why, voila! A perfectly respectable partlet or sexy pirate blouse!
So what item of clothing have YOU converted? Details, please!
A couple times I've converted "Romeo" slippers:
http://www.shoemall.com/assets/product_images/styles/large/001991BLK1Z.jpg
into latchet shoes like these (not mine)
http://www.freewebs.com/spun_measured_and_cut_elbows/DSC00194.JPG