Here's a quick mini tutorial for converting clothes with the V4WM script.  It would be good to hear from as many people what works and what doesn't.  Cage and shvrdavid are putting their heads together over at the Poser Place to come up with a dedicated clothing conversion script and I'm sure they'll come up with something spectacular.  In the meantime it'd be nice to hear if this works for people.

This method uses the script that came with V4WM.

 Vestmann's Gallery