Please show some respect. Yes, the icon might not be at approvable standard at this point, but I personally think that we should support a member trying to make his first icon, maybe giving him some constructive critique instead of telling him how unbelievable bad and stupid you think this icon is.
I for one like the concept, and I think having a sock puppet as an icon really could be useful as well as funny if you know how to use it. I agree with you when you say that the icon needs way more shading, and the colours are one-sided indeed (maybe that could be solved by doing some kind of pattern on it, like giving it stripes or a picture of a teddy bear etc.).
Another thing that I noticed is that some of the frames are wrong. I think there is an icon layer for photoshop somewhere on The Hive, but I haven't made any real icons myself and I'm not quite sure. Maybe you could talk to somebody that knows more about how to put in the right icon frames than I do.
Please point such things out, maybe give him some advice, but please don't just bitch around, it won't help anybody to improve his technique.
Sock puppets really are one of my favourite toys and I became very happy when I saw this icon here on The Hive. If the community could help the creator to improve his work and maybe make it become approvable, we'd have much more to work with. =)