I had been trying and trying and trying to figure that one out too. Looking at the definition and descritpion of what it was supposed to do didn't help me. It seemed no matter what I tried I kept getting slashes.
Finally, someone pointed out that if magic quotes are on, that slashes are already added. So, when i was using addslashes, I'd still get the slashes. Actually, all i had to do was use stripslashes in the code for the page where i wanted to output the data.
So all I had to do was add a line for each variable that may end up with ' or " :
say my text field was named heading. Then the line I added was:
$heading = stripslashes($heading);
and I put this right before the code that says to print my info to the page.
Now this may not be the best way to do it, and it may be a way over simplified description of how to do it, but there may be someone else out there who just wasn't getting it that may understand it better this way.
K
PS
OMG! If i've given wrong info, let me know! LOL But this worked for me. :p