Thin slice cabbage
dice yellow or red peppers
dice apple
dice red onions
crumble 3 slices cooked bacon

3-4 Tbsp Ranch dressing (mine shows 1 g sugar per Tbsp)
add 1/4 cup or so of mayo
2 T vinegar
1 - 2 tsp splenda

7/4/03 Edit: Try using napa cabbage. It's really great!

Mix dressing into chopped vegies. Refrigerate for a little while, if you can stand to wait.

These were the vegies I had on hand, but substitute what you have and like.
This was so-o-o-o good. My husband's not a cole slaw lover and he finished it up for a snack the next day.
He suggested adding walnuts or some kind of nut to it, too.