  We consider pure quantum states of $N\gg 1$ spins or qubits and study the
average entanglement that can be \emph{localized} between two separated spins
by performing local measurements on the other individual spins. We show that
all classical correlation functions provide lower bounds to this
\emph{localizable entanglement}, which follows from the observation that
classical correlations can always be increased by doing appropriate local
measurements on the other qubits. We analyze the localizable entanglement in
familiar spin systems and illustrate the results on the hand of the Ising spin
model, in which we observe characteristic features for a quantum phase
transition such as a diverging entanglement length.
