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DoodlebearsThanks, Jane.
Ivyworks ArtistryUhm....paper towel rolls tucked into one another maybe? They're fairly light and you'd be able to pull the nose out to extend it. Hope this helps 
You may want to walk around an auto parts store for something plastic that does that and modify it. I seem to remember that there's something for cars that does that (besides the old fashioned antennae.
Fulrfun BearsYou can get convoluted plastic hosing that pushes in and out - hardware store or auto shop
Jane remember how you rolled a strip of paper, probably when at school and then pushed the middle out to extend it....we made trees I think, in a similar way....but you could paint the paper first or use brown paper as pinocchio was made of wood! Hope this makes sense! 
Emma Stephens Crafty CreationsBuy a cheap kiddies telescope from a pound shop or something similar and decorate it to look like a nose?
Emma
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DoodlebearsThanks everyone! Emma your suggestion is exactley what I did. Pinochio now has a very cute extending nose. Thanks Emma.
Hugs, Jane.
