What is Google Pagerank?
PageRank is Google's opinion on how important a page is, represented on a scale of 0 to 10. A page with a PageRank (PR) of 0 means that, in Google's eyes, the page is not important. Conversly, a page with a PR of 10 means that, in Google's eyes, that page is very important.
The PageRank of a page is ever changing, however what the public can see - the toolbar PageRank - is updated roughly ever three months.
So how is PageRank calculated? Google determines what the PageRank of a page based on the links to the page. This is referred to as "link popularity". What Google figures that if a page has something of value on it to people, webmasters will put a link on their site to that page. So in essence, the more links pointing towards a particular page, the more value it is deemed to have. There are various factors which determine what the PageRank of a page and the "weight" of the links pointing towards it. These include what the Google PageRank of the page linking to your page is, the amount of external links on the page linking to your page, and how many pages are linking to yours.
Hopefully that clears up some of your questions on What is Google Pagerank
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