extracted the diff parts and started playing around it, copy and pasting, transforming and adjusting the layers... created the eyes used round brush adding hilights and shadows... resized the cork part to create mouthcover and added shades a bit for 3d effect....
step 2 of 3
used the screw for defining antennas... used filter - distort for giving its shape and adjustment - match colour for shading adjustments.... scew tip was resized and placed at the tip of head... part of the cork was copy pasted to get circular arrangement and warped to form wings.... the srew parts were transformed to get the legs... knee cap and feet were shaped using marquee and pen tool... then used brushes to get painted...
step 3 of 3
finally arranged layers and added highlights and shades and dirt in new layer to blend the things better...