Well, Nitya, the concept is simple. Don't we all have telephone diaries and address books where we index numbers and address that are important? Similarly, the 'Bookmark' (for Netscape) or 'Favourites' (for Internet Explorer) features are like having your own address book for the Internet. Bookmarks let you save the URLs or Web addresses of sites you visit regularly. They also help you download them on to the cache of your hard drive, making it easier for you to access them in future.
You haven't mentioned the kind of browser you use, whether Netscape or Internet Explorer. So, just log on to either Profiler or NTI , both of which have step-by-step guides to create, manage and use bookmarks or favourites in both browsers. Simple, without jargon and easy to understand.
Want to check out a site you've added to your bookmark list? Follow the instructions here.
There was, initially, one minor hassle. Users couldn't access their favourite sites on any other computer except for the one on which the URLs were saved. Which is why bookmark managers were created. There are several, but my favourites are Back flip and My Bookmarks.
The first one is a free and easy-to-use tool that automatically saves and organises all your personal bookmarks according to hierarchy. You can also share your favourites with friends. As for My Bookmarks, it's fast and simple, with no banner ads and a unique 'remark' facility that allows one click imports from either IE or Netscape browsers.
In short, bookmarks or favourites are shortcuts to sites that you have marked for quick access. Bubbles, my parrot, has hundreds; none of which are ones I log on to.
Additional Links
Clip2.com
Free web service lets you create and share online clips.
Blink.com
Lets you organise and share your bookmarks.