Bern - making a rag rug is fairly quick. You can make them on sacking,or hessian, or just as easily on rug canvas, the sort you use for readicut rug types.
There are various tools can be used. If you look at the websites below, I use the tool marked :D:, called a Bodger. Can sometimes find old ones, or buy new from her.
Have a look at the following websites, Jenni Stuart-Anderson is a well known promoter of rag rug making and has written books, she usually has displays at the Stitching and Knitting Show, and Quilt shows, etc.
I will be pleased to show you how to make a rag rug in the new year, if you wish, contact me after Christmas.
websites:
http://www.jenni.ragrugs.freeuk.com/
http://www.wgdc.org.uk/designers/textiles/jenni-stuart-anderson.html
http://www.amazon.co.uk/Rag-Rug-Making-Jenni-Stuart-Anderson/dp/1900371537