This info may be helpful to those that use shared hosting. I use Network Solutions and their server setup has allowed me to set my php.ini file in just ONE folder and it controls all of my public folders. I'll describe my setup - if yours is the same, maybe it'll work for you.
When I login to my FTP account, I can see 4 folders:
1. The parent directory
2. backup
3. cgi-bin
4. htdocs
I cannot create any folders from within this "FTP Root folder", but I can access & write to any of the last three folders. The cgi-bin folder is for any cgi scripts and it's where the server is set up to look for a custom php.ini file. As Rob wrote earlier in this thread, the hosting peeps have to actually set this option to function, otherwise it will ignore your php.ini file.
The 'htdocs' folder is my actual URL root folder (your host may call it your Domain Pointer folder, or something like that). It is within that folder that your site's pages are stored.
If this looks like your setup and it might work for you, then give it a try (you can't hurt anything). Grab your site's primary php.ini file with B&T's script file, as mentioned earlier. Modify it as necessary and FTP that puppy to the cgi-bin folder.
From any directory within your 'htdocs' (or equivalent) folder, test you new php settings with a phpinfo() file. If it shows YOUR settings - success - grab a beer and let out a big WOOHOO!

Backstory: I had searched all over this board for info that pertains to shared hosting and how to get that blasted "register_globals ON", turned OFF. Lots of info on self-hosted, but only occasional scraps for shared hosting. The info I wrote above comes from the fine folks who post on this threads - most of it from this thread. I just had to put it all together for my situation.
Something to keep in mind if you do have the same setup as described above...that cgi-bin folder (and any other in the FTP root) are NOT accessible from the web. You can even create sub-categories within it, just to keep everything nice & tidy. Any such directories will all be "safe havens" for anything you want to safeguard, like password lists, etc. They're not as safe as what self-hosted peeps get, but it's the best we have!
If you use basic authorization, move the .access.pwd file into the cgi-bin folder and adjust the .htaccess file(s) path for AuthUserFile to that folder (remember to use the full Unix path). If you have multiple basic authorization setup on several directories with different users & passwords, just put them all into that one file.
My background is in html & javascript, with just enough php to get myself into trouble...so if any of the Joomla! Heros in here see anything wrong, please don't hesitate to modify.
I do wish someone would explain that "open_basedir" option a little more. I don't get it. If I restrict to only one folder, which one? More than one? All of the Joomla! site's relevant folders? Then what does it protect. See my confusion?
Thanks to all that have helped me and who will undoubtably help me in the future, with a special mention to these fine peeps - Beat, RobS, emagin (B&T too) and the person that lit the lightbulb above my head, Pintobean!
