Thanks for all of the suggestions. I ended up calling a few of the contacts in the phone until I found someone who was able to contact the owner. The owner's mom called me back right away and they were over here in about 20 minutes to pick it up.
It turned out that the phone belonged to my teen-aged Columbus Dispatch carrier who had lost it while delivering papers in the morning. When I handed him the phone, he offered me a $20 billl, which I obviously turned down (nice gesture though). It was funny to see how focused he was on catching up with all of the text messages that he had missed throughout the day (they were coming in at a rate of about 1 every 10 minutes while the phone was sitting on my table).
Once again, thanks for the input. My main concern was that I wasn't sure if it was considered wrong to look through the contacts in the phone. As it turns out, it was the right thing to do.