Web 2.0 is an application which is refered to and percieved to a second generation of web-based communities and hosted services. e.g social networking sites like facebook, myspace etc. .the content can be virtually anything:
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blog entries
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board posts
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videos
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audio
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images,
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wiki pages
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user profiles
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bookmarks
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events
Below is a picture of some Web 2.0 Collections.
Below is a Video from Tim O’Reily himself, widely credited with coining the term Web 2.0, discussing what Web 2.0 is all about.