Yeah, i've done that too. I've actually drilled the belt i have to add some more holes.
When I bought that belt, it was for a friend's wedding in the summer of '07. I didn't consider at the time to try it on at the store, and I could *barely* fit into it. Now, I've drilled 3 holes total, and mostly wear it on the second hole. Of course, it helps with the ego that leather stretches.
But, it is nice