Respec

Respec is a MMO term that means somehow changing your character build that you already have.

In DDO you can respec: As of Module 9, it is not possible to respec your class, race, alignments or skills. Reincarnation system was planned for Update 1 but was delayed.
 * enhancements by talking to your class trainer
 * spells (for bards and sorcerers) by talking to your class trainer
 * feats by talking to Fred


 * * Lesser and Greater Reincarnation - you lose all quest flags and raid completions.
 * * True Reincarnation - in addition to quest flags and raid completions, you lose all all XP, favor, and tomes used.

Costs to Respec a feat
There is a quest given by Lockania in the Marketplace to gain a free feat respec token once per character. Beyond that, both gold and a dragonshard are required, with the amount/type depending on the current character level.

Developer words on the topic

 * Codog, forums.ddo.com, 03-10-2008
 * "Any time we talk about new skills or changing skills in the game, the scary topic of skill respec comes up. That feature is a lot trickier than most people would imagine it to be and will take a lot of engineering and QA (quality assurance) time to complete if we ever decide to do it. So overall, I don't really see this happening for you anytime soon. Sorry."
 * DDOcast Ask the Devs part 5, July 26th, 2008
 * Jerry (host): So I guess in general do we think it possible to have alignment or skill respecs in the future?
 * Glin (developer): We’ve explored all the obvious challenges on the back end for doing that. Multi-classing adds a whole layer of complexity to a lot of the options that are ideal. That’s not necessarily the final answer, I’m sure that somebody else could speak to that, but I know from our discussions that’s one big hiccup in that just the amount of time it would take to add a real respec feature for a partial reroll.
 * Jerry: I imagine alignment would be significantly easier than skills.
 * Glin: Yeah. Just have to find a willing priest to convert you.
 * DDOcast Ask the Devs part 6
 * Jerry (host): All right, next question comes from Rezik: "Some of us have been playing since very early on and have never wavered from the game. One thing that would be very amenable to the old school players is that we can make our old 28 point builds bumped up to 32 points." This guy writes, "It's always a monkey on my back knowing that character that I have been playing for two years and love will never be as optimal as his younger counterpart that isn't even possible without the elder's favor. Can we get the extra four points for one or more of our old 28 point builds?" Maybe something we could move into favor, any possibility of a favor reward for maybe hitting 2000 or whatever on the old character?
 * Eladrin (developer): One of the big problems we have with upgrading characters from 28 to 32 points is retroactivity and things along those lines. It is something that we're always thinking about, but, uh . . . (changes subject) you need to not distract me in the middle of a sentence.