A great way to give old knee-high boots a new life is to transform them into ankle booties. I loved this pair of suede wedge boots I found in Italy a few years ago, but at knee-height I was wearing them less and less often. I really wanted a pair of booties that came to just over the ankle, so . . . I paid a cobbler to shorten my boots, which is a perfectly fine option. However, if you have a hot glue gun and some DIY motivation, there's a good tutorial here.
posted by Rachel