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Disambiguation in Wikipedia is the process of resolving conflicts in article titles that occur when a single term can be associated with more than one topic, making that term likely to be the natural choice of title for more than one article. In other words, disambiguations are paths leading to the different article pages that could use essentially the same term as their title.
Nothing short of deliciously explained and illustrated on their page.
[edited by: Marcia at 5:33 pm (utc) on April 1, 2008]