Not enough photo to figure this one out. What you have is well focused and clean and sharp. There's just not enough of it to tell anything. To me - this appears to be a sleave of a sweatshirt hanging down from under a car, tucked into a tennis shoe to imitate a leg. That's all. Not really any attempt to hide Waldo. Just my opinion.
Funny shot, reminds me a bit of a guy escaping from our state prison, though, ha! Not sure where the foot's coming from since it looks like the front of the car, although it looks like it might just be a shoe with a legging in it.
Is this an Iowa license plate from Sexton Ford? Good use of incorporating Waldo's red and white stripes into the photo, it works well with the red and white of the car. Also the red background is nice. Maybe you could have tried going without the tennis shoe, possibly with a white sock? the grey of the tennis shoot and the bright spots on it detract from the photo IMHO. But it's a nice photo, composition wise, and it fits the challenge. Good luck! -Talya