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PageRank is googles point system for indexing. Basically it's the output of the protocol that analyzes how good a page is. It all has to do with key words and links from reputable sites, the relevancy of the material on your site to the material on theirs(well, this doesn't directly affect pagerank but it affects whether you get placed under relevant keywords).
That's why people spam guestbooks, alot of links from big guestbook sites with a high PR boosts theirs, but they're only fooling themselves if they think they're gonna get quality traffic this way.
Of course knowing all this I do zero search engine placement work, so don't look to me to get your PR up. I have some theories to test out but nothing positive.
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