A good friend knitted DS a sweater for my baby shower. It's finally the right size for him to wear it... except the neck hole is too small. I can jam it over his head, but it's not a good scene.
It has a ribbed neckline. Is there a way for me to cut the neckline and not unravel the whole thing? That extra inch would let us actually use it.
If it's knit top-down/bottom up, it might be possible to unravel from the neckline, pick up the stitches, and reknit a new (larger) neckline.
If it's sewn together out of separate pieces of knitting, there should be seams at the shoulders that can be let out.
Like Amelia said, if your knitter friend is local, and you could ask him/her to fix it without having to worry much about getting it back to and from the knitter. I'd be happy to do this for a friend (and feel pretty sheepish about making something that didn't fit!).