How do you lower the action on an acoustic guitar?
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Sound down the saddle a little, also sand down the nut.

Straighten up the neck if it isn't straight already.

Don't do it yourself if you don't know how. You'll bugger your guitar. Take it to a shop to see whether they could do anything and ask for a quote.
Quote by guitarnoize
I recently took my guitar to be set up at Sydney Guitar Setups and they use this machine:


Its called a PLEK PRO and can adjust the height of the nut and saddle to within 0.01mm my Takamine EAN45C was amazing after this setup. Don't do it yourself you will regret it!

What a load of bunk. $150 for some computerized monstrosity of a thing with my guitar inside of it, having god knows what done to it? Naaa...no thanks. I'd rather do it myself and save the money, and learn a hell of a lot more about my guitar than you just didn't. But hey, if you're comfortable with that sort of thing, by all means, have at it.
See, my theory is that not everything needs to be computerized these days. Sure, there's great benefit from them in certain industries, but adjusting an acoustic guitar? Come on, that's as lame as having one inside of a toothbrush. Do you really NEED a chip inside your mouth to help you brush your teeth? I don't. And my guitar sounds and plays just fine too.
If you don't feel comfortable doing it yourself, or feel like shelling out $150 for a machine to do it, take it to your local guitar tech or luthier. The local shop I frequented back home charged about $10. Pretty cheap, and they did good work.
Eh maybe the TS is looking for info on HOW to do all those things? I don't know how to at all but hey, I'm just here trying to help...
Stupified might be right. Hehe, if so .. Frets.com. Covers a lot of common (and not so common, maybe) repairs/maintenance for acoustic guitars.