Koichi used to be good at hopping on one leg a long time ago.
I got a corn on my right foot once a long time ago.
"What are your plans for tonight Darling?" "I’m going out with my old drinking buddies."
The kanji and the word are exactly the same. That means they share meanings as well. This is a good way to start stories, by the way: 昔々に… (Long, long ago).
The reading is the same as the one you learned with the kanji. むかし sounds like a kun'yomi reading, doesn't it? It's so long.