that's basically the only way i can undo my knitting. i love frogs (the ribitting kind), but when it comes to my knitting we just don't get along. the one time i attempted it, i was knitting a (flat) hat with a CO of 99 sts. i don't remember what i did wrong, but i realized i had to go back a few rows. i layed it out on the ironing board and pinned down the lower body so it wouldn't slide off. i was sooo careful. then i put the stitches back on the needle. i really thought i had done everything right. but somehow i realized i had twisted the stitches wrong or something. i think i may have even knit a few rows on top of it. either way, i just ended up ripping the whole thing out and starting over. it's a good think i really liked that hat (and was actually sick a few days during the process, so that gave me something to do), or i may have just given up.
all that to say, it happens to ALL of us without exception!
they even have a cool name for undoing a st at a time - TINKing.