The fact that tights make me feel colder in the winter has not stopped me from wearing some of my favorite dresses as tops because you know what... why not tuck them in? This works better with less bulky fabrics, like a silky dress. Viola, DIY peplum!
Some warnings: Tuck carefully (I like to pull my pants over the dress instead of tucking it in), watch for awkward bulges, and slightly blouse the dress out in the most delicate of fashions. I may have a leg up on you all due to being an expert delicate blouser from my private school uniform blousing days but don't lose the faith. A little tweaking and you'll be a peplum-er in no time.