I pulled it up a bit, just under my boobs, leaving the drawstring intact to be able to cinch in the waist of my new dress. Then I chopped off about 6 inches from the bottom, and rehemmed the edge. I used part of that chopped off bit, doubled it up to reduce its transparency, and created a tube to be attached to the waistband for the bust portion of my new dress. Since the skirt was pretty full, I had some fabric left over. So I sewed it into two long tubes for the straps, about 3" wide (6" doubled) by about 15" long. I attached them to the front of the dress, gave them each a few twists, and then stitched them to the back of the dress.
And unless you're keen on showing the world your underpants, don't forget to wear a half-slip.