You can knit to where you're over the st, drop it down to where you made it, put a twist in it and bring it back up. There's videos that show how to drop a stitch and bring it up on the Tips page under Fixing Mistakes.
I was thinking the same thing. Only I tried it on a sample and I couldn't figure out how to do it.
It is not a simple matter of bringing up the stitch like the video will show. I tried some twisting manuevers but none of what I tried closed the hole.
I still believe it is possible hypothetically though.
Have you actually done this? Can you describe what you did in detail? It would be the neatest fix if it could be executed.