this is kind of complicated (get someone who knows how to sew to do it). you cut down the sides of the shirt, from the sleeve to the bottom, and cut out as much fabric as needed. sew back together, and do the sleeves as well.
wash on HOT, then dry it on the hottest setting in ur dryer. it will shrink, but usually it wont skring in horizontally that much. so ull have a short and fat shirt. but it could work, just try it.
yeah go nuts with it in the dryer - it will shrink, but whether it will shrink the same amount for the whole shirt, or like just in the middle - i dont know..
just get some girls from sewing class to pull the seam, cut oiut th efacric, and re swe it. it wouldnt be that hard. if you just try and shrink it in the wash, it will usually shrink about 3/4 inches vertically, and thats it.