You can use dynamic cloth by running a cloth simulation. For conforming clothing you need a converter like crossdresser, philc product or one of the others.

I cant advise one over the others since I havent used any of them. PhilC at www.philc.net gets good comments on his support though.

Crossdresser is nice though that you pay only for the convert to module. So any figure to M4 would only cost about $10