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Neat idea using that Spiderman figure to model over. One thing I did several years ago was carve out some basic dinosaurs out of styrofoam. I used coat hanger wire for parts of the legs if the styrofoam was to thin after making the legs. Over that I sculpted the dinosaur with something that was like paper mache putty. I forget the name of it. Then colored them with water colors.
^^ There's a lot of different ways, it just depends on what you are looking for. Most likely you'd want to do something either in resin or polystone/hydrostone.
Do a search on hydrostone polystone casting sculpture and maybe "how to" and you should come up with some tutorials to get you started.