If you are blessed with longish, shoulder length, dirty brown hair, then you are already set for being Pete. But if you are like most of us, you will require a wig. The makeup is pretty minimal, so even a manly guy should be able to swallow his pride and become authentic. I found trouble finding an inexpensive wig with a similar color, so I got a cheap wig on eBay that was a similar color called the wavy 70s layered brown wig:
It was around $20 shipped. It is too long, but the hair color was a better match than the others I could find. I am going to simply cut the hair to the proper length. I suggest you wear a nylon wig cap to cover your own hair. These are under $10.
As far as the makeup, Pete has metallic dark blue eye shadow surrounding his eye, as well as an outer ring of pinkish eye shadow. He also appears to wear an orange tinted lipstick. MAC Cosmetics has a shade called Deep Truth and another called Passionate, which are dark blue metallic and pink, respectively.
The lipstick that looks closest is the MAC Cosmetics Meltdown lipstick. It is a subtle orange.
EDIT: For a cheaper alternative, try Target and get the following products:
COVERGIRL Shadow - 610 - "saphhire sparkle"
COVERGIRL Shadow - 460 - "knock out pink"