Delerium of the Endless, from the Sandman comics, by Debbie Schneekloth
Delerium is a customized Tori doll, from Mattel's sorely-missed Generation Girl line. Debbie cut the hair on one side close to the scalp, then rerooted the other side using extensions salvaged from Mattel's Generation Girl Nichelle and Vitamin C dolls. Tori's hair already had two shades of blonde, plus a color streak, which also helped get that rainbow hair effect. One eye is blue, and the other green, thanks to a quick repaint.
The clothes came from Generation Girl Mari - cut off jeans became Delerium's shorts, and removing the gauzy sleeves and shirt tail made Mari's patterned vest a very suitable top for Delerium. Debbie cut small holes in a pair of hose from some Barbie outfit, then let them tear naturally as she put the hose on the doll. The boots were Barbie accessories.