Sly Rax Custom Action Figure
From ToyFare Magazine issue 141: Customizing 101
How To Create a G.I.Joe Styled Figure. You can read the article below in the comments
Sly Rax on eBay
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The figures contained in the Custom Showcase are not for sale by Figure Realm, and the creators of the customs are no way affiliated with Figure Realm. The Custom Showcase is purely for entertainment purposes and only provides a means for the creators to show off their work and trade ideas. Figure Realm does not make or sell customs.