Update:
Pattern posted HereI'm on a "limited-buy" until I get my first paycheck from my new job. I allowed myself to buy three skeins of yarn because it was 60% off. I
just donated all my yarn three weeks ago when I moved, so I promised myself I
would not hoard my yarn, and must use it immediately.
I kept seeing these cute slouchy hats around, but I couldn't buy them. So I made one!



I used about 1.5 skeins of Lion Brand Cashmere Blend. I was inspired by a crochet pattern I saw someone on the net, but I can't remember where. I did write down what I did, so I can post the pattern if anyone is interested.
What do you think of it? Would you like to receive this as a x-mas present? (I'm thinking of making 1 or 2 more for gifts).
****************************************************Thanks everyone for such kind words! I wore it last night to the laundromat, and I felt very chic folding my laundry

As promised here is my pattern. I've never really written a pattern, so here goes!
Pattern available on my blog. And also below:
Puffy Slouchy Hat
Bulky weight yarn, size K hook. For Worsted weight use a J hook
The numbers in the [] say how many stitches there should be.
Puff stitch: (YO, insert hook in next st, YO, pull up a loop) 4 times, YO, and draw through all loops on hook. (Here’s a video)
You do not have to join rounds, and this will create a spiral, and there will be no seam. Use a stitch marker if you do this, and keep the stitch count the same.
1: ch 4, 12 dc in first st, join in ch. (Just grab one loop from top of the chain. This makes the seam less visible, and this will make a circle.) [12]
2: ch 3, work 1 dc where chain is (in same st as join - ch3 counts as first dc), 2 dc in each stitch, join with sl st (remember, the ch counts as a st!). [24]
3: ch 3, work 1 dc where chain is, (work 1 dc, 2 dc in next stitch) around. Join. [36]
4: ch 3, work 1 dc where chain is, (work 1 dc in next 2 sts, 2 dc in next st) around. Join. [48]
5: ch3, work 1 dc where chain is, (work 1 dc in next 3 sts, 2 dc) around. Join. [60]
6: ch 3, 1 dc in each st around. Join. [60]
7: ch 3, 1 dc in each st around. Join. [60]
8: ch 3, 1 dc in each st around. Join. [60]
9: ch 3, puff st in same st as join, dc in next st, (puff in next st, dc in next
st) around. Join in top st of first puff. [60 sts: 30 puffs, 30 dc]
10: ch 1, (sc in top of puff, sc in next dc) around. Join. [60]
* It will look like you are skipping stitches here, but you aren’t. Just
remember, sc in top of puff, skip spot, and sc in top of dc post. Make sure you have 60 sts here!
11: same as row 9. [60 sts: 30 puffs, 30 dc]
12: sc around, same as row 10. [60]
13: same as row 9. [30 puffs, 30 dc]
14: sc around, same as row 10. [60]
15: ch 1, sc in each st around. [60]
16: ch 1, (sc in next 3 sts, dec over next 2 sts) around. Join. [48]
17: ch 1, sc in each st around. Join. [48]
18: same as row 17. [48]
19: same as row 17. [48]
20: same as row 17. [48]
21: ch 1, (slip st in next st, ch1, slip st in same st) around. Join in first sc.
Fasten off, weave in ends.
Viola, Now you have a slouchy hat! Please post pics if you make this, I'd love to see! If there are any mistakes/confusion, let me know and I'll gladly fix em.