I'm a little late on this one, but I wanted to respond to this prompt and finally had a chance to do so. I loosely followed directions from Sock and Glove by Miyako Kanamori. The socks are some of my hand knit socks that sadly acquired holes in the heels. The elephant has a nice squishy feeling. I did a little needle felting for the eyes.
From the stash of trash: socks and stuffing from an old pillow.