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[Clansgian AT wmconnect.com]

> I have a couple of cast iron skillets that  have
> become concave in the bottom.

Since your question specified "cheaper than buying a new one" then, no,  
excellent cast iron skillets are quite cheap for what you get.

You can heat cast iron red hot and not ruin it so long as you let it cool 
gradually.  Most likely the skillet got incidentally quenched when it was 
hot.  
In that case the structure of the iron has changed, become harder, and you'd 
have to heat up the skillet very hot, nearly white if you could manage it, 
hammer or weight it to shape, and let it cool slowly.   Success is not 
likely.   
And even if you managed to stoften the iron, it's unlikely the inside of the 
skillet would be flat and smooth and so would be an annoyance to use.

Why not set it aside for other purposes and use a good one for cooling.

Saayyy, that "dent" in the skillet ..... hmmmm .... are you sure that didn't 
get there when you came dragging in late one night and were met at the door 
......