Long Time Ago
noun, の adjective
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.
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."