Katie from View From The Fridge shares a tutorial at A Prudent Life showing how to make pretty fabric koozies to wrap around a soda or beer bottle. The fabric wraps are held in place with button and elastic loop closures. The dimensions she gives will make a wrap to fit a around a bottle. If you want one to fit around a can, you could easily adjust the size. Go to A Prudent Life to find her tutorial.
[photo from View From The Fridge on A Prudent Life]