From Travellers Yarn Blog:
If you have knitted a sweater, tried it on, and it is too short, there is a relatively easy way to fix it. Of course, if the sweater is knitted top down, you can just rip it back to the ribbing and continue down. If however, you have knitted bottom up (which is the most common style of sweater construction), all is not lost.
Here’s the fix! http://travellersyarn.wordpress.com/2009/04/08/fixing-knitting-that-is-too-short/
Not too long ago I did a test knit for another designer that was for a cabled cardigan. It’s really cozy and nice but it just about broke me in a ton of different ways. I couldn’t get gauge, which I suppose is my own problem, but mainly I was somehow both bored and forced to pay attention at the same time.