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mack - 6:20 pm on Sep 28, 2002 (gmt 0)
Page rank is caluculated by counting links from other sites to your site. It also takes in to acount the pagerank of the page that casts the vote, so a vote from a pr6 will have more influince that a link from a site with a PR of 3 .Google also takes into acount the content of the page that links to you.. so if you where running a site about cars and you got 2 links from pages both with pr5. If one of the links came from a another car site and the other link came from a health site the car link will carry more weight. That is why most webmasters try and get links that are on topic :)
Page rank is used to assess the importance of a page on the web. It's a value from 1-10 with 10 being the stuff dreams are made of and 1 being Ted's site on geocities :)