I don't have any pictures for this "mini-tutorial", as I'm doing it from memory, but maybe the information will be helpful to someone.
This would be for a female manikin, although a male could be made if you have a male dressmakers form, or a male friend ;)
Take either a dressmaker's form or a live person. Place a plastic bag over the form to protect it (if a live person, Google the web for "Duct Tape Double"). Then wrap the form with either duct tape or paper tape (the kind you wet the back and it makes it sticky). Wrap it snugly and give it a couple of layers.
Then, carefully cut the wrappings up the back to take the "tape form" off your dress form. Tape the cut back together. Tape up the arm holes (you can add arms later) or cut an oval out of cardboard or foamboard that will fit in the armholes and tape those over the holes. Do the same for the bottom of the form. Foamboard or heavy cardboard work best. Be careful while you are working that you don't "squish" your form out of shape too much. Get a dowel that is about 1 inch or 3/4 of an inch in diameter and about the length of your form, plus maybe another foot or so.
Cut a hole to accomodate this dowel up through the bottom of your cardboard base and up into the neck. Let it stick out the neck a couple of inches so you can attach a head later.
Here comes the tricky part. Fill up the "body" with expanding foam. You may need a few cans to get it firm and full. If some of it leaks out as it is expanding, you can trim it off after it dries.
You can attach the head at this point, as the foam will help secure it. Use a styrofoam wig head. You may need to cut some of the neck/base off the bottom, and stick it into the neck of your form. Duct tape around the head and neck to hold it in place. Do this while you are inserting the foam, but before it gets too full up by the neck. The dowel will also help hold the head in place.
Hopefully this wasn't too confusing. If anyone has any questions, let me know. When I get a chance, I will explain how I made a nice stand for my manikin too.