Changing waistline?

[fieryworld.livejournal.com]

I have a skirt that fits around my waist like 2 inches above my bellybutton. It's pretty old... it was a hand me down, so I guess that was the style then. Anyway, I prefer to wear skirts around my hips just below my bellybutton. I would like to change it so I could wear it this way... is that possible? Would I just take the part of it that goes around my hips now (which is like several inches below the current waistline) and make that the new waistline, and then cut the part above that off? Or is there a way to like make it wider? I don't mind if it ends up being shorter because it's a pretty long skirt as it is. Thanks for any help.