Disable autocorrection in Mac OS X Lion

I found that Mac OS X Lion came by default with an autocorrection functionality. This can be useful... or a big annoyance!

For instance, it annoyed me when I typed "TRAC" and replaced it with "trace" in one of my daily SCRUM meetings.


Then, how to disable it?

Go to System Preferences -> Language and Text -> Text tab, and disable the check:

Done!