The fastest, best, and erm... only way is using Memblocks. You could load a mesh, make it into a memblock, then make your modifications to the memblock or create a new memblock from the data, then turn the lot back into a mesh again.
Sometimes, all you need is to be able to move a bone, like if you had a GameFace system like EA, where you can alter the players appearance. You could assign bones onto the face, then move them with code - allowing mesh deformation to an extent. This can also be used for a number of other mock effects, like water, and blanketing a patch of terrain with foliage etc. This is far safer and quicker than using memblocks, in fact it's done using animation commands so it's lightning quick. Check out the 3D modelling forum for the Mesh Control Using DB Limbs thread for more info.
Van-B

I laugh in the face of fate!