You can't put the verb in a contraction. It sounds stupid because it's grammatically incorrect.
What on Earth are you talking about?! "I'm," "it's," "they're," etc. are all contractions with verbs.
EDIT: "Am," "is," and "are," are all conjugations of the verb "to be," if you were wondering.
I realized that after posting actually. Good one :)
It's redundant, again, so it might not count.