The description begins on p.46 of their article:
http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.144...
It is really cheap to implement -- you can use a shift-xor random bit generator to get the blend factor of ½ that they mention. The whole thing was about 10 8086 instructions, as far as I recall (it's been twenty years since I played with it).
Here's a paper with more extensions to the Karplus-Strong algorithm (+ analyses thereof):
http://www.music.mcgill.ca/~gary/courses/papers/Jaffe-Extens...
Here's an anthology from 1992, which is where I learned about Karplus-Strong:
http://www.amazon.co.uk/Music-Machine-Selected-Readings-Comp...
http://ems.music.uiuc.edu/beaucham/papers/JAES.10.95.pdf
(I haven't tried it out so I don't know how good it sounds.)
There's also a master's (or phd?) thesis from DIKU (Datalogisk Institut ved Københavns Universitet) from 15-20 years back where a guy "rewired" sounds played on one instrument to sound like they were played on other instruments. I saw his presentation/demonstration back then, and it sounded pretty okay. It's in English and should be available somewhere on DIKU's website. Darned if I can recall the title or the author, though.
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there's also 3 good basic textbooks on synthesis/sound design by Rick Snoman (Dance Music Manual), Martin Russ and Brian Shepherd that have specific recipes ("detune a saw and square by 3 cents...)
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and if you don't have a synth, ask around for somebody that has Logic Pro X (several good synth models included) or Ableton with VST or AU's installed (you have to pay e.g. $100 for Analog unless you have Ableton Suite).