You're probably looking for the splice function:

my @array = qw(one two three four five six seven);
splice(@array,1,0,$array[4]); # add the item to the new position
splice(@array,5,1); # remove it from it's old position (note the moved
+ index)
print "@array"'
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There's probably a cool way to do this in one shot.

Update: and there is a cool way to do it! see mce's reply.

-- Dan