Thanks to all for your thoughts so far.
The translation you cited, the good old KJV, renders vs 33 this way:
15:33 Be not deceived: evil communications corrupt good manners.
That's a little different flavor than most of the other translations I looked at. I think it (slightly) obscures the message that the other translations make pretty clear.
Here's the NIV:
33Do not be misled: "Bad company corrupts good character."
The New American Standard Bible
33(A)Do not be deceived: "Bad company corrupts good morals."
and finally the New King James Version:
33 Do not be deceived: “Evil company corrupts good habits.”
I'll stop there.
Having chewed on this for a few hours, I think I've stumbled upon a little bit more clarity.
Here's where the Watchtower takes this passage and puts it on steroids.
1. Whatever Paul said was "God breathed" so it carries just as much weight as what Jesus said.
2. Paul wasn't talking about people who were axe murderers and rapists, he was talking about people who had a different belief concerning the resurrection.
3. Here's the big Watchtower logic-leap: Anyone who does not embrace the body of Christian belief as taught by the FDS, is Bad Association. The Great Apostasy hadn't yet occured when Paul wrote to the Corinthians, but it certainly has now. So the message is clear, anyone who doesn't share our beliefs is not a good person to have as a close associate.
Fundamentalists are almost as narrow, but not quite.
1. If you don't believe in the resurrection, you can't be my close friend. But at least you don't have to go to same church as I do.
More liberal Christians widen the net a bit.
1. The Bible contains SOME of God's thoughts, but you've gotta keep your own common sense filters on when you read it.
2. Paul had a stick up his butt on a lot of issues and needs to be taken with a big grain of salt.
3. Jesus' words, provided they really were his, are good stuff. But there is a good chance some of what he said got lost in translation so don't get too worked up about "hating your family" and stuff like that.
And then you have guys like me.
The Bible is worth knowing about due to it's huge cultural impact, but anything I read in it has to pass my own rationality test before I give it any weight. Oh no! I'm putting myself above God and will burn forever now.
Thanks for all the input so far.