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OWL and Ontology...what is it exactly?

Hey all,

I've been asked to do some research on Ontology and would like an 'Experts' insight into what it is.

What would OWL be compared to?  XMl maybe?

I've been researching on Wikipedia and such, but I'd like to know real-world applications for its' use, especially in the Artifical Intelligence (AI) realm.

Thank you!
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Ray Paseur
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This link seems to cover the water front:
http://en.wikipedia.org/wiki/Web_Ontology_Language

Real-world applications?  Read the "See also" and the "References" in the Wiki.  Compare to the real-world applications of Google Maps, and you will get the feel for the practical applications of OWL.  As my son would say, "Are the dogs eating the dog food?"

To be blunt about it, I get paid to implement solutions to client problems.  But the clients must have (1) money and (2) a problem.  Looks like OWL (or more reasonably, "WOL") is a solution in search of a problem.  It's not bad to think in theoretical and abstract terms - software developers do it all the time.  
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tbsgadi
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Thank you!
Glad to help!