But, the whole DIY I'm a hipster rockstar can be done and done well. Probably the most well-known and celebrated for it is Libertine. Libertine is made up of Johnson Hartig and Cindy Greene--one of them refurbishes used garments and the other screen prints and otherwise embellishes on them. What makes them so good is that they actually do a good job of juxtaposing high-brow looks with Victorian and punk images to create something that is unusual but totally wearable. And, most importantly, it looks like someone professional made it and you didn't just splatter paint it in your back yard.
Libertine is oddly hard to find. Barney's and Bergdorf-Goodman carry it and I'm sure that a variety of smaller boutiques do as well. Just be sure that when you buy it that the tag doesn't also say "For Target" if you are looking for one of their hand-done pieces.
Picture from coutorture.com, of their Fall 2009 collection