I tend to stripslashes first and then addslashes.
so:
$var = addslashes(stripslashes($var));
because on one of my servers, PHP automatically escapes quotes, etc, and on my home system it doesn't :-).
also, if you might want to run validations with eregi, etc to make sure the format is proper (i.e. so they don't enter a word instead of a number, etc).
-sridhar