FE.... Help?

I have seen fold equity talked about several times when someone is discusing hand play. Can someone enlighten me on this concept?

Any two cards can win, at least before the flop.

Almost every hand still has some chance of winning on the flop.

So whenever someone folds, they are almost always giving up some small chance of winning. This chance of winning - their equity - that they give up by folding is the fold equity.