Well, you could take sandpaper to the elbows or anywhere else you want to appear thin and worn. You can also take a razor blade and scrape the edges of the cuffs and collar so they fray. Finally, you can wash it in hot water with a lot of detergent and dry on high heat -- that will fade the color somewhat, as well as break down the fibers a little.
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"I base most of my fashion taste on what doesn't itch." - G. Radner
OMG sandpaper is such a scary idea...maybe I'll try it out on some old jeans first. Since i've been looking for the perfect jacket since last fall....then I saw a clip of Gwenyth's new movie Proof & she had on a perfectly distressed jacket that made me want mine to be that way. I'm such a sheep.
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Who do you have to probe around here to get a Chardonnay? - Roger the Alien from American Dad
Def sandpaper.. also I have heard putting it in the washing machine/dryer with some rocks. (Weird, I know and also something you want to try at a Laundramat and not at your house!)