Patience is the key here....
For a batch of semi-dry (or semi-sweet, depending on your palate) mead, I go with the 3:1 ratio of 3 pounds of honey to 1 gallon of water. It gives you a starting gravity around 1.120 and, using a wine yeast like Lalvin D-47 (very popular) it will typically get you down to about the 1.002 - 1.010 range.
There are two methods I know of for making mead...the easy way and the hard way. Directions are as follows:
Easy WayPour in honey...ALL of it
Add some of the water...let it splash
Add Fermaid-K per bottle instructions (1/4tsp per gallon)
Add some more water...again, let it splash
Add RE-HYDRATED yeast to fermenter
Add remaining water...let it splash some more!
Put airlock on and watch (and wait)...fermentation should start pretty quick (less than 24 hours).
Splashing is poor man's aeration...if you have an airstone or access to oxygen, use some - it won't hurt! Do NOT mix the honey and water...let it stay layered!
After a day or so, you will actually be able to see the yeast "dancing" on the top of the honey layer. Once all the honey is gone off the bottom of the carboy (or bucket), then rack to secondary to clear.
This method takes about 6-8 months (including racking) to have a drinkable mead...it will improve more with age.
Hard WayMix Honey and Water in bucket (or carboy)
Stir the crap out of it to mix (and aerate)...do NOT let it separate
Stir in Fermaid-K per bottle directions
Add RE-HYDRATED yeast
Airlock and sit back until fermentation starts, then follow an SNA (Staggered Nutrient Addition) and aeration (I know it sounds odd) until the 1/2 sugar break (half of starting gravity is gone - ex. 1.120 SG gets to 1.060) - requires checking gravity twice DAILY. Once the gravity has held steady for three or more days, then rack to secondary to clear.
This method has not been confirmed to produce better meads (some will swear it does - I won't argue the point), but wine makers use this method to great success and mead is closer to wine than beer. That said, this should make a good to great mead in about 1 - 2 years.
I will not specify which method I use, just know that I have been making mead since early 2009 and have already won two awards (at the 2009 HHHC). Not bragging, just giving a strong hint as to my method!!

To learn more about SNA's and their exact process, I recommend doing a search for it and also check out Gotmead.com...they push the SNA method on that site, but be careful to follow their posting rules - the moderators can be jerks.
Hope this is helpful!