Getting ready for prom? If you're handy with a hem or savvy with a slip stitch, you may want to skip the cookie-cutter dresses you'll find at the store and whip up a prom extravaganza of your own. Enter it in the Own Your Look, Own Your Future contest from Jo-Ann Fabric, and you could $50,000 cash. 

To enter, simply make your own prom outfit, including an accessory (such as a purse, headband or scarf) and submit a picture or yourself or a friend modeling the gown. The entries will be judged based on originality, level of detail and workmanship. The contest is open to students ages 14-19 (except those in Maryland and Vermont, for some reason).  It's under way now, and entries will be accepted until June 15, 2011. The catch is, you need to use fabric and other products from Jo-Ann Fabrics stores — but they do have a good selection of fabrics, and for a chance at $50,000, it might very well be worth it.

Check out the official rules and regulations here.

DIY your prom dress and win $50K
Is there a better way to celebrate your prom than with your own handmade dress and $50,000 in spending money?