I was listening to the All About Chemistry episode and it was telling us how people often misuse the term compound and how oxygen is a molecule, not a compound. and then it made me wonder if saying that oxygen was an inorganic compound was in fact wrong, and you should always refer to it as an inorganic molecule instead? or am i just beginning to be tooooo specific 
Oxygen is a chemical element, however, it is only stable in molecules of two atoms.
As far as I know, a compound needs to have at least two different atoms in it, so oxygen is not a compound.
Anyway, refer to it as a 'molecule' (you can include the inorganic bit if you want), but you probably won't need to go into this much detail.
But it might come in useful when you are talking about photosynthesis and cellular respiration.