There are a number of automated services that convert PSDs for you:
However, you might also want to consider a service-based approach as well. There is a thriving community of professional slicers out there (just google "psd to html" and you'll see what I mean).
You might also try to redesign from a program or framework such as:
It really depends on your budget, your timelines and your skillset.
I'm a big proponent of understanding something really well before trying to automate it. So, like the other posters have said, slicing by scratch (handcoding) is very valuable, especially if you don't already understand it well. However, you might just not care to invest the time needed to achieve a good understanding of the subject. And, that's perfectly okay too.
I think that ad the end of the day, there is no "correct" solution. Different people have different requirements which will change the choice.