This is a very easy project and here's how I made it:
You will need a copy of Paint Shop Pro, version 8 or later.
You will need the fur preset, if you don't already have it. Unzip it and place it in your "Presets" folder, not "Preset Shapes". I've included a cloth fill in greyscale so that you can color it to your tastes. This should be placed in your "Patterns" folder.
Open a new image, add a background color, add a new raster layer and set your foreground/background colors:
Select the brush tool and Preset:
Using your brush tip, lay out a shape similar to this:
Add a new raster layer and place it under your slipper top. Reverse your foreground/background colors. Using your airbrush tool, add a shape similar to this:
I used these settings for the airbrush. Experiment to see what works better for you:
Now select the tools: Select All>Float>Contract and use these settings:
While still selected, use the "Invert" tool to select the outer edge of the sole. Choose the "Inner Bevel" tool with the following settings:
Now use the "Invert" tool again to select the inside of the sole. While selected, flood-fill with a cloth pattern. De-select.
In your layers palette, select the slipper-top layer. Select the "Drop Shadow" tool with the following settings:
Using your "Eraser" tool, carefully remove the shadow bleed on the background.
Delete the background layer, merge visible, tube it and you're done!