International Practical Shooting Confederation, also used to refer to the sport that IPSC regulates and promotes - a synonim is "practical shooting".
Officially formalized in 1976, IPSC reminds on of police training; the shooter moves through a course, targets are of varying sizes and they must be hit within a time limit. An IPSC course can present also multiple targets, targets that must not be hit, partially covered targets...
IPSC uses only full-power handguns, from 9mm up; targets are normally at close range, with a maximum distance of 45 meters.
Compared to the traditional "academic" target shooting, IPSC is much more fun to watch - the shooter moves a lot, and is occasionally faced with unknown challenges. IPSC guns (depending on the class of the competition) can look very impressive, with large brightly colored rifle-type telescope sights.
The IPSC motto is Diligentia, Vis, Celeritas, meaning "Precision, Strength, Speed".
There is a lot more information at www.ipsc.org.