I know; something is seriously wrong with my understanding of potential energy. I will have to clear my basics before proceeding. So please help.
Could you tell me what exactly potential energy is? And what do we mean when say "potential energy of a system is X"? Does is mean that every component of the system has X amount of energy, not counting its kinetic energy? Or is it something else? Can potential energy be possessed by a body just like kinetic energy?