Black holes are the evolutionary endpoints of stars at least 10 to 15 times as massive as the Sun. If a star that massive or larger undergoes a supernova explosion, it may leave behind a fairly massive burned-out stellar remnant. With no outward forces to oppose gravitational forces, the remnant will collapse in on itself. The star eventually collapses to the point of zero volume and infinite density, creating what is known as a "singularity." Around the singularity is a region where the force of gravity is so strong that not even light can escape. Thus, no information can reach us from this region. It is therefore called a black hole, and its surface is called the "event horizon."
But contrary to popular myth, a black hole is not a cosmic vacuum cleaner. If our Sun was suddenly replaced with a black hole of the same mass, Earth's orbit around the Sun would be unchanged. Of course, Earth's temperature would change, and there would be no solar wind or solar magnetic storms affecting us. To be "sucked" into a black hole, one has to cross inside the Schwarzschild radius. At this radius, the escape speed is equal to the speed of light, and once light passes through, even it cannot escape.