If your kid can draw it, FAO Schwarz and the North American Bear Co. can make it. A custom "build-a-monster" kit is only $249 - but hey, nothing's too good for your kid, right?
Make-My-Own-Monster Design Kit, that includes colored pencils, paper, and a detailed questionnaire. With this kit you create not only what the monster looks like, but you also create a story about the monster and describe his or her personality.
Once you've completed the kit and sent it in, the designers at North American Bear Co. will faithfully reproduce your design as a plush
monster, including a descriptive hang-tag that tells the story of your monster as you have described it and identifies you as the creator.
http://www.fao.com/catalog/product.jsp?productId=7192&categoryId=133&parentCategoryId=90 - Thanks Seth Cohen!