It's pattern-matching. Like searching *.txt to get all text files. It's just... more. There's symbols for matching the start of a string, the end of a string, a set of characters, repetition, etc. Very "etc." And the syntax blows. The choices of . for match-any-character and * for zero-or-more really fuck with common expectations.

It can also replace substrings that match. Like changing the file extension of all text files. Where it gets properly difficult is in "capture groups." Like looking for all file extensions, and sticking a tilde after the dot. You can put parentheses around part of the pattern being matched and then reference that in the replacement. Conceptually simple - pain in the ass to use properly - syntax both sucks and blows.

Lookahead is what you do to match "ass" but not "assault." I refuse to elaborate further.