Before revision:  The local time is constructed from discrete approximations, and it is shown that it is of finite p-variation for all p> 2. Additionally, we provide various generalizations of F\"ollmer's pathwise It\^o formula.
After revision:  The local time is constructed from discrete approximations, and it is shown that it is \alpha-H\"older continuous for all \alpha<1/ 2. Additionally, we provide various generalizations of F\"ollmer's pathwise It\^o formula.