I recently picked up this nice black blouse with cream-colored bows all over it. It's brand new, but I only paid $3.99 for it at the thrift shop.
I rather liked it, so I chose to simply take it in. I removed the sleeves and took in the body. Then I trimmed some off the armholes and reattached the sleeves higher up, fixing both the length and girth issues in one fell swoop.
For a more in-depth explanation and lots more pics, visit me at CarissaKnits!