Clear parent relationship, but keep animation By hitting AltP in the 3D View Window, I can clear the parent relationship.

But then I lose the animation endowed to my object by the parent object.  How can I clear an object's parent, but keep the same animation?
Select the child object, and in the 3D View header, go to Object > Animation > Bake Action.

In the pop-up dialogue, enable Clear Parents, then hit OK.