can anyone explain

Basically its an image where the very dark bits and very light bits are still rich with detail beyond the cameras ability. A camera will normally only have details in the darks or in the lights, not both.

Thats my understanding anyway :)
 
As said your creating an image where the range of tones is beyond the range the camera could capture in a single image. Your in effect combining several images taken at different exposures to give more shadow/highlight detail.
The resultant effect varies from subtle to "OMG whats that!" people seem to either love them or hate them, the two links above show some trully stunning images.
 
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