That's a tough one...
Your current sand bed, is it crushed coral, medium sized, or sand (sugar sized)? If it's bigger grains, like crushed coral, then it's definitely NOT doing you any favors in the nitrate department... If it's crushed coral, I'd highly recommend removing it before moving on to something else.
Deep sand beds are somewhat controversial in some circles, but I completely swear by them from my personal experiences.
Adding a deep sand bed to a live running tank can be a bit tricky. There are several methods that can be used, but I'd recommend having some filter socks on hand anyway... Some paper towels laid inside of a filter sock is great at removing the fine silt that can get kicked up adding sand (Thank you Ashlar...)
The method I would use (And plan on doing soon, I think I need to add some sand to my tanks) would be to first rinse the sand as well as possible, then get a few feet of 2" or greater PVC. Stick the PVC into the tank down near the bottom, and slowly pour sand into the pipe. I'd do it a little at a time (As in spread out over days), never completely covering the current sand bed, to give any critters in the sand bed now time to migrate up into the new sand.
This would be just one method, hopefully others will come along with some additional methods for you to choose from as well...