Unzip your sleeping bag entirely and allow it to lie flat. Fold the right and left sides in toward the middle. What were formerly the midpoints along both halves of the bag will now serve as the corners.
Fold strips of grosgrain ribbon in half and sew one to each of the four corners. These will connect the underquilt to the hammock's ridgeline when the project is finished. Lay your hammock lengthwise on top of the sleeping bag, along its center.
Hang the ridgeline of your hammock in the location where you wish to spend the night. Tie a small loop of paracord around one end of the ridgeline in a prusik knot by wrapping it around the line and pulling the loop through itself three times. See Resources for a diagram if necessary. Repeat with a second loop at the other end of the line.
Connect the two loops at the head of the sleeping bag with a carabiner, and those at the foot with another. Lift the sleeping bag, now serving as an underquilt, with the hammock inside of it and clip it to the prusik loops on the ridgeline. Connect the ends of the hammock to the ridgeline as well and adjust until you've positioned both underquilt and hammock as desired.