You can also do a woven/jersey combo and buy half as much fabric. You might even have something on hand that would work for the woven component. Any strong woven fabric will do. Honestly, you pay as much for the 5 yards of material you need (unless you find a killer deal) as you would for a moby wrap. It will make you 2 wraps, which is an advantage. But then you have to sew it! lol Using a serger works really much better with stretchy fabric so your seams don't burst as the fabric stretches. If you do use a regular machine, be sure to have some zig zag to your seam to allow it room to move. You can turn your edges under if you prefer the look, but again a straight stitch will not last.
Make it like the Moby D -
Moby Wrap Inc.
Also
Start Here to Learn Babywearing has some other tutorials. Kind of a home-madey type website, but loaded with good info.
Whoah! They don't even have the Moby D's anymore! Crazy! I've been out of the loop too long. I used to sell them!