Head: Blanka '93 (modified)
Torso: Salvo '90
Arms: Ripcord '84
Left Hand: Hydro-Viper '88 (modified)
Waist: Downtown '89
Legs: Pathfinder '90

Hat: Wild Bill '83
Claws: cut from some package material

This was my (winning, woohoo!) entry for NJC #55, "Oh the horror!".
I started working on this custom just with memories from my mind. As you can see in the WIP and result, I made a few mistakes. I thought Freddy had two hands with five fingered claws, but it was only the right hand with four claws. I found that out right after I primed the parts. CRAP! So I cut off the "grip" hand (which wasn't done that properly anyway) and replaced it with a normal hand, leaving the claws. I was too satisfied with the open hand, so although it had five claws, I didn't change it. Because I had to attach the Hydro-Viper hand to Ripcord's lower arm, this was a good opportunity to try the "make a swivel wrist" thing. Turned out not too bad. The claws were cut from a piece of plastic, like the one that's used on carded figures.
For the torso I needed one without any stuff going on, just a shirt. Salvo's worked for me.
The waist and legs needed to be basic, just a pair of pants with a belt, so I came up with this.
The hat was modified, I dremeled off the piece of rope and the captain stripes.
Blanka's head had this great evil grin so I got rid of his hair and tortured the skin to make it look like the scarred Freddy. Did the same thing with that hand too. Painted it and used a wash + red paint to make it look "bloody scarred".

This was a fun contest. I've actually never seen a "Nightmare On Elmstreet" movie, but I am familiar with Krueger. Well, except for his claws, that is......