$4 Cantilever Chair

This weekend I bought a $4 cantilever chair from Good Will. At that price, I just could not leave it behind. I'm visiting my parents in Waterloo for a few days, and when I pulled it out of the car I told my dad that "it just needs a little TLC". My dad's response?: "It needs a little more than that". I mean sure one of the button tufts has popped and the upholstery is dirty and gross, but Pops! Just see the potential. Just use a little imagination and it can go from this:

to this:
via Mimosa Lane
 or this:
My Best Friend Craig via Love on Sunday
Original source unknown but too good not to include. Any ideas?
I also think it would look pretty good done in leopard, something like this (although in the end I will probably choose a solid colour):
via Little Green Notebook
My old room at my parent's place is slowly become a chair storage facility until I have more room!
How would you upholster this piece?