The most common type of slipknot is made like this:

  1. Take your rope.
  2. Make a loop in it by crossing one end over the other.
  3. Take the end comming out of the bottom of the loop you just made, and make another loop such that to bottom of the loop is the same part of the rope as the bottom of the other loop.
  4. Put the new loop halfway into the old loop, and tighten the old loop.
  5. You now have a slipknot.

notice the lack of ASCII art.