rake db:rollback STEP=n
where n is the number of steps you need to undo. If you leave STEP, it just rolls back.
To upgrade to a specific version, use:
rake db:migrate:down VERSION=20080906120000
If you want to quickly apply a table drop, you can create a new migration, start it, and then delete it along with the original migration that you no longer want. The syntax for deleting a table is:
drop_table :table_name
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