knitting class: a dropped stitch

Here's a scenario for you: You have just finished knitting a beautiful sweater. All that time and effort imagine. When you find...
horrors upon horrors a dropped stitch laddering it's way down. Left alone you know that this one simple stitch will ruin the sweater. Leaving big holes in it's path. What do you do?
Grab your weapon of choice. Some knitters use a crochet hook. I use a threaded needle.
Grab the dropped stitch. Then carefully row by row re-knit the stitch.
Once complete simply sew the stitch firmly in place.

I apologize for the quality of the pictures.