Justin and Turbo,
I'm afraid you're both wrong. That's exactly the misconception I'm talking about. Let me reiterate: "it's"
ONLY means "it is" or "it has." NO EXCEPTIONS, I PROMISE YOU. That's no doubt one of the most misunderstood grammatical blunders in the English language. No matter how much you feel that "it's" indicates a possessive, you're just plain wrong...
If you have doubts, there are many websites devoted to this very issue. Here is just one:
http://www.fred.net/kathy/its.html
[Edited by Zoonhollis on 07-05-2001 at 10:47 AM]