My passport expires June 11, 2012. Am I good to go to Mexico before then?

My passport expires June 11th, 2012. I have a trip to Mexico booked for May 24–28th. I know I am cutting it close, and I will certainly renew my passport the moment I get back, but are there any problems I might have that I am not thinking about?

Also… If I start the renewal process right now, how long does it usually take? Do you think I can get in done in time or should I just wait until I get back?