"It looked very old. Its skin seemed to be several times too big for it and, though it was bald like all house-elves, there was a quantity of white hair growing out of its large, batlike ears. Its eyes were a bloodshot and watery grey and its fleshy nose was large and rather snoutlike." ~Chp.6 Pg.100 (UK ed.)

This is how JK Rowling described the house elf Kreature in OOTP. Now, using the 3D animation software MAYA (the most used in the film industry, including being used on all of the HP films by ILM) an online tutorial maker for the animation program known as MAYA has created what, from JK's description, they think Kreature will look like.

This was assertained from studying how Dobby (CoS) was created.

The Tutorial development process can be found here.

To see what kreacher may look like, please click on the attachment.

Note: This is NOT what Kreacher will look like in the film, 'Order of the Pheonix'.

Source: Veritaserum

Attached image:
06783adebbd3884cc63cba0b6f7a2195.jpg