I used Digibody’s Caricature Maker (see here) to make this picture., opened here in Photoshop cs2.
Open a A4 page with 120 pixel/inch and drag in. Scale to a greater size.
I ‘warped’ to get the above result. You do the same untill you see what you like.
I added a local warp by selecting the mouth and added the body, simply drawing with the mouse.
Now, using the Paint Bucket Tool, I put in flat colors as I liked them. You do the same with your preferences.
The full picture: