A type of
IRA that was created effective
January 1, 1998 as part of the
Taxpayer Relief Act of 1997. Contributions are
taxed, but growth and distributions are not as long as you meet certain distribution requirements. It is intended to be used to save/invest money for retirement. The Roth was specifically created to give additional incentives for investors to save for their retirement.
There is a max amount you can contribute and there are many other pluses and minuses to a Roth IRA. I shouldn't need to say this, but do some thorough research before making any investment decisions.
For more information see http://www.senate.gov/~finance/ira2.htm or many other financial web sites.