Hi SlowSmile, thanks for taking the time to respond to my questions. And yes, I'll be the first to admit that I'm more than a little paranoid with the flammability of turpentine.

If interested, have a look at this thread.

http://www.wetcanvas.com/forums/archive/index.php/t-493727.html

They talk about turpentine in relation to oil painting, and how to dispose of turpentine-soaked rags (properly), and even though the amounts of turpentine used might be different, the general chemistry / flammability principles still apply.

Turpentine should be stored in a cool, dry, well-ventilated area in tightly sealed containers that are labeled in accordance with OSHA's Hazard Communication Standard [29 CFR 1910.1200]. Turpentine can undergo autoxidation in contact with air and can generate heat that may spontaneously ignite in a confined space. Containers of turpentine should be protected from physical damage and should be stored separately from strong oxidizers (especially chlorine), heat, sparks, and open flame. Only nonsparking tools may be used to handle turpentine. To prevent static sparks, containers should be grounded and bonded for transfers. Because containers that formerly contained turpentine may still hold product residues, they should be handled appropriately. [/excerpt]

http://www.illawarrasurf.com/msds/turps.pdf