I found this on another message board and it seemed like some useful information and thought I would pass it along.  I have never tried it, but some other guys on the message board said they had and it worked.

http://www.in-fisherman.com/magazine/articles/if2806_HookRemoval/index.html

I have never tried this. I always just cut the line and release the fish with the hook still in. I been told this is the best way to release a deeply hooked fish. The hook will eventually dissolve, and the fish lives with little or no side effects.

Tight Lines,

Fatdaddy151

Yeah thats what I always do too, but if you read the articles it says that is a misconception.  I don't know what is the truth?  Just thought I might give this a try next time and see if it is really true.  The guys on the other message board said the hook comes out with ease.