I\'ve heard the word over and over again, yet I
You've about got it. They're a very good way of mapping from arbitrary things (keys) to arbitrary things (values). The idea is that you apply a function (a hash function) that translates the key to an index into the array where you store the values; the hash function's speed is typically linear in the size of the key, which is great when key sizes are much smaller than the number of entries (i.e., the typical case).
The tricky bit is that hash functions are usually imperfect. (Perfect hash functions exist, but tend to be very specific to particular applications and particular datasets; they're hardly ever worthwhile.) There are two approaches to dealing with this, and each requires storing the key with the value: one (open addressing) is to use a pre-determined pattern to look onward from the location in the array with the hash for somewhere that is free, the other (chaining) is to store a linked list hanging off each entry in the array (so you do a linear lookup over what is hopefully a short list). The cases of production code where I've read the source code have all used chaining with dynamic rebuilding of the hash table when the load factor is excessive.