Masturbation has a lot of slang words to describe it, but the act itself is pretty straightforward: touching the genitals (usually your own) to release sexual energy or tension.
Both girls and boys masturbate; it can be done standing, sitting or lying down. For more about masturbation techniques, check out gURL.com's book, DEAL WITH IT!
Many females will only have an orgasm when the clitoris is directly stimulated, instead of the indirect pressure that occurs during intercourse. For that reason, a lot of females have orgasms more easily and quickly through masturbation.
There are no real risks to masturbation--it's considered the ultimate safe sex. However, using an unclean object may cause an infection. The genitals can get irritated if they're rubbed too hard or for too long.
Masturbation is considered a touchy subject by some. Joycelyn Elders, M.D. was appointed United States Surgeon General in President Clinton's cabinet in 1993. In December '94, she faced intense criticism for suggesting that masturbation be taught as part of a comprehensive sex education program. The next day, Clinton asked for and received her resignation.