Can the word "it" be the subject in a sentence? ?

Question

If the sentence is:

It is raining. Is the word it the subject?

Answer 1

Yes, "it" is the subject.  

Answer 2

It can,but not in that sentence.

Answer 3

it is the subject. is is the verb. raining is the subject complement.

the subject pronouns are: i, you (singular), he, she, it, we, you (plural), and they.

the object pronouns are: me, you (singular), him, her, it, us, you (plural), and them.

Answer 4

no the subject is ranning

Answer 5

"It: functions as a subject in this sentence, because a subject is needed.  Some call this function of "it" a "prop".

It is different than a sentence where someone asked where their pencil was, and the answer was:

It is on the desk.