Add a sub box on the side of the house and pull some new wire in. The box is cheep like $50.00 and you wont have to mess with the old wires.
I like that idea. Adding another box rather than ripping out the exiting one wouldn't mean I'd have to cut off all power and stay in a hotel. I'm pretty good at DIY, but I draw the line at electricity, But come to think of it, i could rub a lit if the wire and let an electrician examine it before it goes "hot."
I have a house built in 1963 done this way. A new 200 Amp service was installed with two 100A breakers. One to the old panel and one to a new panel. The old was left alone and all additional circuits run from the new panel.