>>In Slavic languages, -ov is equal to 's in English (i.e. it's a posessive suffix), so Petrov means Peter's (son, probably, because of the male gender - -ova would be feminine). -ich is usually a diminutive suffix, denoting a smaller version of something (novac - money; novčić - tiny coin) or offspring (orao - eagle, orlić - eagle-ling). So basically all Slavic last names ending in -ov, -ich or an -ovich combination mean either "son of" or "further offspring of".
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>So that means my last name (originally Popov) means I'm the son of my Pop? that works out pretty nicely.

"Pop" means "priest". So... you had a priest somewhere in your lineage.