When people talk about race cars or high-performance sports cars, the topic of turbochargers usually comes up. Turbochargers also appear on large diesel engines. A turbo can significantly boost an engine's horsepower without significantly increasing its weight, which is the huge benefit that makes turbos so popular!
Turbochargers are a type of forced induction system. They compress the air flowing into the engine (see How Car Engines Work for a description of airflow in a normal engine). The advantage of compressing the air is that it lets the engine squeeze more air into a cylinder, and more air means that more fuel can be added. Therefore, you get more power from each explosion in each cylinder. A turbocharged engine produces more power overall than the same engine without the charging. This can significantly improve the power-to-weight ratio for the engine.
In order to achieve this boost, the turbocharger uses the exhaust flow from the engine to spin a turbine, which in turn spins an air pump. The turbine in the turbocharger spins at speeds of up to 150,000 rotations per minute (rpm) -- that's about 30 times faster than most car engines can go. And since it is hooked up to the exhaust, the temperatures in the turbine are also very high.