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Notionally, PR is a measure of a page's importance. It is calculated solely from backlinks. Backlinks from high PR pages are more valuable. If other factors are similar, a page with high PR will be displayed above a page with low PR for a given search.
There are probably two PR values maintained by Google but only one is visible to the public. To view the PR of a page you must normally have the Google toolbar installed. However, there have been attempts to hack the system so you may find another tool that can display PR too.
Alternatively, if a page is listed in the Google directory, it's PR is displayed as a green bar beside its entry.
Kaled.
It took me 2 hours to explain things well and made her read 2 of my articles and she is very happy today. She was burned by two SEO guys earlier and was very afraid of SEO's.