[BPitt]

Who actually 'owns' the torch?

Is there an actual official torch - you know, like the Stanley Cup?

I think China "owns" or "runs" the torch relay.

The flame hasn't always been carried by runners. One rather dubious carrier was in the 1976 Olympics:
Remarkable means of transportation were used in 1976, when the flame was transformed to a radio signal. From Athens, this signal was carried by satellite to Canada, where it was received and used to trigger a laser beam to re-light the flame.