Last year I slipcovered a very worn couch for just $75 (including zippers and thread). I liked the idea of a neutral colored sofa, but could not afford decorator fabric in the amount that I would need to do a whole couch. So I used cotton canvas painter's drop-cloths that I got from Home Depot (I can't find them on the website, but they have them in the stores). They come in a natural color in several sizes, but I would recommend getting the heaviest weight, thickest one, which comes in only one size. I used two drop cloths for this sofa, at about $30 each.
Wash each drop cloth separately and iron flat (this will take forever).
From there I followed the instructions as given in the book Simply Slipcovers, which I checked out from the library.
The slipcover consists of 5 pieces: 4 removable cushion covers (with zippers) and a large fitted base piece.
I have been very happy with it!
