Edward's Owlbear Rug.

An owlbear hide, head intact, refashioned as a rug, and then, in turn, repurposed as a "cloak" (head and neck item), giving its bearer +2 to AC at a penalty of -1 to speed, as well as STR, DEX, and CON non-skill checks.

Theoretically, one could fool extremely stupid creatures into thinking one was some sort of deformed owlbear with a daily power, "Rrarr, I'm an Owlbear", CHA+4 vs WILL, burst-3 fear attack. Targets are stunned until the end of your next turn.