Actually, I don't plan to make these. But several of the guys on the Barefoot Runners' Society forum have asked if I could do the same kind of thing for guys. OK, gents, here's my $0.02. It's up to you to make a pair. If you do, please post a link to pictures of your creation in the comments.
1) Buy this pair of $20 sandals from K-Mart.
2) Cut where indicated by the red lines below (both sides). You might choose to seal the edges with some glue and use a permanent marker to fill in the areas where the trim would be. (Or not.)
(Alternatively, you could leave the side straps (along the 'tongue' of the shoe) long and cut them off at the base of the shoe instead of where shown. Then you could glue 2 pieces of flat elastic cord to the straps so that the elastic cord would fit across the bottom of your foot and hold the side straps to your foot. The finished product would look more "shoe-like," but it would take more tools and time and mean that the bottom of your foot wouldn't be completely bare -- there would be 2 parallel elastic straps across the sole of your foot.)
Assuming you're going with the quick and easy method (and, hey, you're guys -- so of course you are!) let's continue...
3) Now loosen the laces all the way and extend the cord out at the toe end. (You'll need a bit more imagination with this image, but hopefully you get the idea.)
4) Attach the back strap around your ankle and loop the cord around your toe. Voilà! Just enough shoe to pass the glance test and keep under the radar of the shoe police. And it's yours for just $20 and about 5 minutes of effort.
Good luck with it! Let me know how it goes.