Probably this: http://api.jquery.com/jQuery.parseJSON/
var obj = jQuery.parseJSON('{"name":"John"}');
alert( obj.name === "John" );
...uh of course, that's only if you want to use jQuery 1.4. :) I think that the JSON built-in functionality is a fairly new addition to the browsers that actually try to implement standards.
Edit
Just as a follow up, you can turn a JSON string into a JavaScript object by calling the "eval" function on it:
var obj = eval('{"name":"John"}');
alert( obj.name === "John" );
That should give the same result as the jQuery parseJSON above. The difference is that the JavaScript "eval" function will run whatever code is inside, so if the source of your JSON is an external site or another untrusted source, that source could inject malicious code into the string you are expecting to only contain JSON.
I believe that there is a new recommendation that browsers implement built-in JSON parsing, which would enforce the JavaScript object literal format on the string, which would provide a safe alternative to "eval".