WebCT is an "online course management system" designed to handle the increasing number of electronic college courses many universities are offering thanks to the Internet
In plain English, it gives a place for a student to organize all the online classes they might have and a good way for the instructor to get the material out there. It is a handy bit of software.
I use it and it's pretty nice - you can see at a glance when thus-and-such homework is due, read through a module, submit your papers, et cetera. As a bonus, it gets rid of actual dead tree paper.
Should you care to check it out, the website at this time of writing is www.webct.com.