Is your problem not knowing what it is you want to create (or, what an "updated" version of that design would be), or do you not have the skill set to develop what it is you want to create? Or both?
Both. For instance, on a lot of the YC and newer startups (I can't really cite them from memory) you see these really nice background patterns on landing pages, however, I have no idea how they are made. I have very little formal training as far as graphic design is concerned, so while I might be able to make a pretty logo following a tutorial I'm afraid the fundamental structure of the page will be bad.
Someone on this thread recommended a book called Design Elements, and it's great and just what I needed actually.
So, I think reading about design is a great way for you to learn the basics and principles (I highly recommend The Non Designers Design Book).
Once you read that, then I would suggest to start reading some well known web magazines, maybe like Smashing or VecTuts/PSDTuts to go through some tutorials and help you understand just how people use noise on a button, or a drop shadow on a button, etc. Then again, I think these things are sometimes over the top and used because it's trendy. But, you can make your own decisions.
Someone on this thread recommended a book called Design Elements, and it's great and just what I needed actually.