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I have a set of taylormade RAC OS Irons that are failry new. I am convinced I need to lengthen them by either 1/4" or 1/2". I am 6'2 (without shoes) and 37" from wrist to floor with shoes.

Second to this the grips on my clubs are pretty poor (otherwise much better than my old clubs) and they tend to get pretty slippy when wet. Not good when you play in 3 digit temperatures in summer.

My hand size is 7 3/4" from tip of middle finger to base of hand and my longest finger is 3 1/2". I think that this translates to a ned for a stabdard grip with + 1/64th tape. I assume you achieve this by adding masking tape to the club shaft before adding the grip?

My clubs are currently a standard length becuase I got them for $300 new from somewhere like dicks sporting goods. I did almost buy them for $400 from golfsmith. They measured me and just said I was a standard, but hey they would have had to make any modifications for free. I know I was measured for my first set of clubs and was 1/4" longer. A second reason I think they are too sort is because the clubs is too upright at address meaning the toe dig into the ground at impact, this would be fixed with a longer club.

Now, back to the question.

It should be pretty easy to buy a set of grips and re grip the clubs. Whilst I am at it I would like to lengthen the shafts too. I assume you can just buy a set of plugs to glue into the end of the shafts for do this. I do not want to spend a fortune changing the shafts. (Steel, stiff flex BTW)

Can you buy the stuff to do this yourself, or should this be done by a professional?

Steel shafts are pretty easy to lengthen. You'll need to know whether they have a .600 butt, or a .580.
You also should be aware that I don't know of any place that sells specifically +1/4, or +1/2 lengths. You'll have to cut them down yourself after adding the extensions.