A linear voltage regulator takes a high or varying voltage and reduces it to a lower and steady voltage.
Voltage regulators come in a range of voltages which indicate the voltage they will put out. The higher the voltage in compared to the voltage out the more voltage the regulator has to get rid of and this will be dissipated as heat. Likewise a regulator will get hotter the more current it has to provide. Where necessary this heat is usually taken away from the regulator by use of a heatsink.
Different regulators have different pinouts - check the datasheet! The design below is for a 7805 style device.
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