The head has been sharpied yellow to achieve that classic color (originally a 'fleshie'). Wonderful decals on the torso and arms. The rifle is from BrickArms. The hat? A Cobi (gasp) medieval helmet turned backwards (Five LEGO purists just dropped dead with fright).
Polish it off with a fantastic photoshopped backdrop and you have another Morgan original in his signature style.
(Via Morgan19's Flickr stream)