In real planes, you actually have 2 options to either bleed off speed or altitude. You can slip a plane as BigNick said using cross controls. That is using your wings to deflect or counter the amount of crosswind (the plane will want to turn in the direction of the bank) and keeping your nose lined up to the runway with your rudder. Thats why planes have a maximum demonstrated crosswind capability. Another way to lose altitude is by crabbing. Crabbing is using left/right rudder (depending on the wind direction) and sinking like a stone. You would increase/decrease the amount of rudder you apply while still keeping your forward motion parallel to the runway. At the last moment, you kick the plane back straight and land.

Sorry, I got to babbling. BIGNICK's answer got me thinking real life.

Carl