Head: Airborne '90
Torso: Road Pig '88
Arms: Dusty '91
Waist: Sagat '94
Upper legs: Dhalsim '93
Lower legs: Dhalsim '93

Beer helmet:
Battle Gear '87 helmet
Toxo-Viper '87 backpack (beer cans)
Tubes: some transluscent glitter tubing

Flippers: Battle Gear '88

Swimming tube:
Lego Duplo duck head
Flexible electricity tube
Plastic foil
Sculpting clay

Here's my Pun-intending vigilante, Swim suit edition. Made for a action figure "Swim suit contest": take a character and customize it into one wearing a swim suit.
As soon as this contest was announced I knew I was going to make a beer helmet and a swimming tube shaped like a bath tub duck. This would look best on a character that was cool, serious and well known. The Punisher was one of the first comic book characters that came to mind.

I had a lot of fun making this custom. It's the first time I painted a 5 o'clock shadow on a figure, but I'm quite happy how it turned out. The eyes turned out surprisingly well too.