Update: Please note I am not asking what a salt is, what a rainbow table is, what a dictionary attack is, or what the purpose of a salt is. I am querying: If you kno
The point of salting is to prevent the amortization of the attacker's effort.
With no salt, a single table of precomputed hash-password entries (e.g. MD5 of all alphanumeric 5 character strings, easy to find online) can be used on every user in every database in the world.
With a site-specific salt, the attacker has to compute the table himself and can then use it on all users of the site.
With a per-user salt, the attacker has to expend this effort for every user separately.
Of course, this doesn't do much to protect really weak passwords straight out of a dictionary, but it protects reasonably strong passwords against this amortization.