Get a pair of knee high stripy (For colorfulness) socks but for demonstration purposes (and to save me cutting up my lovely socks) I will be using plain ones!!
The yellow pencils represent where you should cut. So to begin you cut lines either side of the heel as shown in picture! ^^
You sock should end up n three pieces as shown. Do this to the other of your socks as well.
The toe section of one of your socks (pictured) will be the socktopuses head. Put this section aside for the time being.
Now get the top section of you sock and cut down a seam to make on big rectangle.
Your rectangle should look like this. Do the previous step on the second sock as well. You should end up with two rectangles. Cut both rectangles in half and then half again (Quarters!) You should now have eight small rectangles.
Fold a rectangle in half and with right sides together sew along on short side and a long side. Turn inside out, stuff and sew up last short side. Repeat on all eight legs.
Pin all eight legs inside the head of the socktopus and then stuff the head
Now cut a circle from the toe section bit that you aren't using as the socktopuses head.
Sew the circle round the opening of the head
Finally sew on a face with buttons and a smile with Thread and you have made a socktopus!!