The two pictures below show a round knitting frame with the knitting established on it. The first one shows it in progress. The second one shows it doubled up, ready to take off with a needle or knit on further in single knit again.
Take the knitting off with a needle, draw it up, add a tassel or pompom and you have a stocking ski hat (Toque).

Casting on can be done like the method used to cast on for a corking spool. Click on link below to see that method. There may be other ways too.

Flower Looms and Corking