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VoIP can turn a standard Internet connection into a way to place free phone calls. The practical upshot of this is that by using some of the free VoIP software that is available to make Internet phone calls, you are bypassing the phone company (and its charges) entirely.
This person is using a computer to talk to a friend in another state.
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VoIP is a revolutionary technology that has the potential to completely rework the world's phone systems. VoIP providers like Vonage have already been around for a little while and are growing steadily. Major carriers like AT&T are already setting up VoIP calling plans in several markets around the United States, and the FCC is looking seriously at the potential ramifications of VoIP service.

There are three different "flavors" of VoIP service in common use today:

ATA - The simplest and most common way is through the use of a device called an ATA (analog telephone adaptor). The ATA allows you to connect a standard phone to your computer or your Internet connection for use with VoIP. The ATA is an analog-to-digital converter. It takes the analog signal from your traditional phone and converts it into digital data for transmission over the Internet. Providers like Vonage and AT&T CallVantage are bundling ATAs free with their service. You simply crack the ATA out of the box, plug the cable from your phone that would normally go in the wall socket into the ATA, and you're ready to make VoIP calls. Some ATAs may ship with additional software that is loaded onto the host computer to configure it; but in any case, it is a very straightforward setup.

IP Phones - These specialized phones look just like normal phones with a handset, cradle and buttons. But instead of having the standard RJ-11 phone connectors, IP phones have an RJ-45 Ethernet connector. IP phones connect directly to your router and have all the hardware and software necessary right onboard to handle the IP call. Soon, Wi-Fi IP phones will be available, allowing subscribing callers to make VoIP calls from any Wi-Fi hot spot.

Computer-to-computer - This is certainly the easiest way to use VoIP. You don't even have to pay for long-distance calls. There are several companies offering free or very low-cost software that you can use for this type of VoIP. All you need is the software, a microphone, speakers, a sound card and an Internet connection, preferably a fast one like you would get through a cable or DSL modem. Except for your normal monthly ISP fee, there is usually no charge for computer-to-computer calls, no matter the distance.
Most VoIP companies provide the features that normal phone companies charge extra for when they are added to your service plan. VoIP includes:

Caller ID
Call waiting
Call transfer
Repeat dial
Return call

Three-way calling There are also advanced call-filtering options available from some carriers. These features use caller ID information to allow you make a choice about how calls from a particular number are handled. You can:
Forward the call to a particular number
Send the call directly to voicemail
Give the caller a busy signal
Play a "not-in-service" message
Send the caller to a funny rejection hotline With many VoIP services, you can also check voicemail via the Web or attach messages to an e-mail that is sent to your computer or handheld. Not all VoIP services offer all of the features above. Prices and services vary, so if you're interested, it's best to do a little shopping.
Now that we've looked at VoIP in a general sense, let's look more closely at the components that make the system work. In order to understand how VoIP really works and why it's an improvement over the traditional phone system, it helps to first understand how a traditional phone system works.