Basically, you enter a latitude and longitude, and it will point you towards that point. There is more to it than that, but that is the gist. A GPS can get you to within about 10 feet of any point on earth.
GPS systems have given rise to two sports: Waymarking and geocaching. In waymarking people post on the net the lat/long of interesting sites, viewpoints, buildings etc, so that others can visit them.
In Geocaching people hide small treasure troves, and post the lat/long of the trove. The GPS will get you close, but you need to hunt - like a treasure hunt. there are often clues and stuff to solve too.
The battery on my GPS lasts about 30 hours, and it will link to my computer so that I can download waymarks and caches.