I have an Oscar Schmidt (By washburn) acoustic and i love the sound but the action is much too high, how would i go about lowering it? there is no visible screws or anything, i have absolutely no idea what to do.
Well, as far as i know, and I'm no guitar technician, but you can either sand down the bridge to get it as low as you want, or mess with the truss rod to adjust the neck... That's probably some awful advice though... haha

Take it to a professional at a guitar shop, they might be able to help you.
it depends on the guitar, some are easy and some can't be changed...
i can't actually be much help tbh, but i wouldn't mind seeing what others say as it would help me too....not that i don't like the action on my acoustic, but i want to see if it affects the fret buzz or if my twelve fret on the two E's is buggered and i have to repair...
anyway, i've strayed from the point, you might not be able to, if you can, i don't exactly know how, sorry

edit: yeah, best not sand the bridge down as the guy above me said...that is a permanent change that could be for the worse.
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thanks for the compliment man!