Try this page on a server with magic_quotes_gpc on at the master level.  It seems to turn off magic quotes at the local level (the page) yet it still adds the backslash before my single quote.

<?php

// import variables into 'p_' space
import_request_variables('gp', 'p_');

$succ = ini_set("magic_quotes_gpc","0");
if ($succ){print "Magic Quotes was set successfully<br>";}

$succ = ini_set("magic_quotes_runtime","0");
if ($succ){print "Magic Quotes Runtime was set successfully<br>";}

$var = get_magic_quotes_gpc();
print "Magic Quotes = ". $var . "<br>";

if(!isset($p_name)||$p_name==''){$p_name="O'Conner";}

?>

<form name=myForm action=test.php method=post>

<input type="text" name="name" value="<?php echo $p_name; ?>">

<input type=submit value="submit">
<p>
Keep hitting submit

</form>

<?php
print phpinfo();
?>