HiCustomer and thanks for your question.
It's great that you would like to change your look to flatter your body type more, and not only wear loose-fitting clothes that hang like a 'sack' on you! : )
Since you mention you have a big bust and large hips, it would be flattering to your look, to emphasize your waist, if you consider this a nice feature for you. This will detract attention from your hips, redirect attention to your waist and enhance your entire 'look'.
To do this, you can wear tops that fit well on top (not extremely tight, but not too baggy, yet, with room to spare) which are not made of any clingy materials, but rather a cotton, shiny cotton or silk-type buttoned down blouse (or one that is not buttoned down) in a color that complements your skin, like royal blue, periwinkle, plum, mauve, cinched at the waist with a pretty/interesting belt (a wider belt is nice, but not so wide that it actually 'meets' your bust; a thin belt with several 'strands' is also good) that has beadwork or small stones, with gold or silver colored trimmings, etc. Pull the blouse up a little bit,, so it's not so tight fitting at the waist/belt. You can pair this with a nice pair of trousers that are not too tight fitting, and of a 'soft' material like a faux suede, in a darker color. Darker colors like black, brown, dark blue, charcoal grey, for pants, are slimming. This will also work with a skirt, not too short/not too long--about knee length in a non-clingy material, which fits nicely at your hips. In addition, you can add some 'dusters' and longer, 'unfitted' jackets to your clothing collection. A duster is a lightweight overjacket that comes to about knee-length or calf-length and 'layering' is a great look for someone with larger hips, because it gives you a more 'fluid' or flowing line.
You don't mention your height, but if you are medium height or taller, a duster or unfitted jacket (not like a blazer, which would be considered a 'fitted' jacket) will complement your outfit. If you are shorter, make sure the length of these items are not too long, but definitely fall a few inches below your hips.
Matching boots (in the winter) or pumps in a coordinating color, will finish off your outfit.
Also, you can accessorize with some nice jewelry--don't wear any necklaces that fall directly onto (stop at) your bust, because you want to detract attention from there, not draw attention. A long, modest necklace that falls right above, or a few inches below your bust, is good, or even a 'choker' length. You can wear a pretty pin (brooch) on the collar of your blouse, or to one side, well above your bust. Also, adding a matching long scarf around your neck, with one end hanging down and the other thrown across to one side, over your shoulder, held in place by a pretty pin (brooch) will add a nice dimension.
If you have found this answer helpful, please click 'Accept' and leave positive feedback; if you need additional information, please click 'Reply'. Thanks for the opportunity to be of help.
Edited by Cher on 3/7/2010 at 8:06 PM EST