Basically - internet without plugging your computer into any sockets, or using wires. ("wi-fi" = "wireless fidelity". I think). So you can be in a coffee shop or down the pub and still use the internet on your laptop. But make sure you have a firewall - wi fi networks are notoriously open to hackers because people forget the basics.
You'll need a computer that is wireless internet connnection ready - if it isn't, you'll need to by a wireless card. At the moment, there are few public places that have wi-fi, but no doubt it'll happen over the next 5 years.
In the old days, technological advances were things like curing diseases and putting people on the moon. Now it's measured in the ability to download porn
wherever you are.