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What is a CONTRACTION?

I have no idea what they are, or how to use them properly. If you look through my posts you MAY find some there, but I do not understand them. Help?

Just to add on a bit: don't confuse "it's" and "its".

It's (with an apostrophe) is a contraction of the words IT and IS.
ex. It is cold out.
ex. It's cold out.

Its on the other hand is not a contraction but the possesive form of the word IT.
ex. The monster shook her hairy head.
ex. The monster shook its hairy head.

In essence, use the apostrophe'd form when you could just as easily say "it is," and save its for use as a possesive pronoun.

There are some ... "irregular" contractions out and about...
For example, the contraction for "will" and "not" is "won't."
(I will not go with you to the store. --> I won't go with you to the store.)

If you're contracting anything with the word "not," then omit the "o" and substitute it with an apostrophe.

Are + not = aren't.
Have + not = haven't.
Is + not = isn't.

If you're contracting anything with the word "are," then omit the "a" and substitute it with an apostrophe.

You + are = you're.
They + are = they're.
We + are = we're.

Those are all the weird ones I can think of...

-edit-
I'm sorry... maybe it's just because contractions are so common / taken for granted, but this seems like a joke thread.