Possible to change an item's pivot point?

As the title ask, is it possible to change an item's pivot point for when you do rotations? (both scripts and editing wise)

There's two methods... first, you could attach a pivot prim, its sole purpose to provide a point about which to calculate rotations and pivot. It's easier if this is a parent prim, but not impossible if it's a child.

Second, you could use the method that SL doors use. Cut a prim in half using the various prim manipulation tools... the pivot point will remain at the original center of the prim (therefore, it's at the edge when a prim is cut in half.)

Would it be possible to go into more details about the pivot prim? I assume you mean any kind of prim attached to another prim, but how exactly do I attach? Do you mean link (ctrl+l?)?

Yes, link with CTRL + L. Try to always link the pivot last, so that it can remain the "parent" and the scripting is easier to work with. Also...if you don't want your pivot prim to show, there are free transparent textures out there.