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yeah it's a fairly simple adjustment, but it's gotta be done by a professional. your action sounds REAL high (hehe i know it's not literally 1" but it still sounds bad) so maybe it needs a little more work....
try to ask around and find out from local guitarists to see who's one of the better guitar techs/luthiers/whatever-they-wanna-be-called and take it to them. i forget what the price for that sort of thing is, probably less than $50, almost definitely less than $100 even if the damage is bad but repairable. the price is generally the same wherever you go but the skill level of the person doing the work can vary a whole lot.
you might as well have the bridge intonated (or adjusted...i think that's what it's called) while you're at it...that goes along with adjusting the action.
one other thing to keep in mind, make sure the strings you have on them are the gauge you prefer, and either newer or old, however you like them. all that can have an effect on the "health" of the neck when it's adjusted.
good luck!
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