And here is what I turned it into, in about 5 or 6 hours of knitting between Sunday evening and Monday morning.
It's just a long rectangle in wrap/drop stitch, folded crosswise and sewn up along the long edge from the bottom towards the neck, and makes an asymmetrical poncho. I added fringe on one side only.I used size 17 needles, and 36 stitches across.
I've gotten lots of compliments on this $2 beauty! Quick and easy! (and gotta love the low cost!)