Why are all ' being changed to \' in the body of emails sent by wp_mail()?

Found a site that had the fix:
http://fearlessflyer.com/2009/08/getting-rid-of-unwanted-backslashes-in-wordpress-form-input/

Work around for PHP Magic Quotes which are stripped in the code pasted below. PHP Magic Quotes will be deprecated in PHP 5.3 for good.

<?php
if ( get_magic_quotes_gpc() ) {
    $_POST      = array_map( 'stripslashes_deep', $_POST );
    $_GET       = array_map( 'stripslashes_deep', $_GET );
    $_COOKIE    = array_map( 'stripslashes_deep', $_COOKIE );
    $_REQUEST   = array_map( 'stripslashes_deep', $_REQUEST );
}
?>

Hope this helps