What the heck is it?? I'm just a simple noob seeking information.... xD
You and ~7 other people each get 3 packs. You all open the first pack, take one card.(remove the basic land) Pass the now 13 card pack to the left. Next guy does the same thing, and so on until you've made 14 picks passing the packs in a circle. Now open the second pack and do the same thug except pass the packs around to the right. The third pack then goes around to the left again. After you've made 45 picks you create a 40 card deck out of them ( usually with 16-18) lands and play against the other people. In FNM or any relatively casual event, you'll play 3 rounds against the people in your draft pod.
It's an awesome format, lots of fun and lots (in my opinion) better than Sealed because you get to make the choices for your deck.
This cleared everything up, thank you!