Is this possible with duct tape?

[rayden54.livejournal.com]

Is it possible to make something like this (http://www.amazon.com/Patagonia-Atom-Black/dp/B002N11LFC/ref=sr_1_33?ie=UTF8&s=apparel&qid=1279065386&sr=8-33) out of duct tape or something similar? Obviously the crafted version would be a bit simpler than the store bought one.

I would just buy one, but I want one that's got the strap on the other side (essentially a mirror image of the one in the picture), and I can't find one anywhere.

I had one, but it came with a suitcase or something and I haven't seen one since.