I don't know about sock monkey fabric, but I make sock monkeys and they are easy and make great baby gifts. I use 100% cotton ladies size work socks, so that they are softer than the wool. The sock brand is 'kodiak' I think. Here are a few I have made, and the pattern I used. I also use yarn for the eyes so its safe for smaller kids.
http://createquiltsew.wordpress.com/.../sock-monkeys/