How to "freeze" a cloth animation at X frame? How would one freeze a simulated body at frame X and use it as a static mesh?

Following a tutorial, I've been able to do a cloth animation to my model, now I'd like to have that made static, without the use of the timeline. 

The thing is, I'm modelling something that's not going to be an animation, but a static object (something like a statue/figurine). So I don't need the animation, only the shape at a particular frame that I find convenient. I'd like eventually once this is done, to also modify that deformed grid. 

I've tried to follow what was said here, but couldn't figure out what chipmasque was saying. I'm quite new to blender (been using it on and off, just enough to forget everything).

I'm using blender 2.63, if it is of any relevance.
You can apply the cloth simulation modifier. That will convert the current frame into a static mesh, and all other simulation data will be deleted.