Trolling is where a member repeatedly posts on threads somthing that has nothing to do with the subject in hand, its usually done to up the post count of the member for whatever reason they think, a good example would be someone who works through the entire post list and just enters 'i agree with the above' members with 99 posts of just smilies or the same word is trolling.
Another way to "Troll" is to respond in a manner that would illicit a flame war or some type of "self destructive" debate. Such as DB said.
More examples include mentioning the opposite of what the Board's subject matter would normally be.
Forums such as this one usually try to explain things out before taking any type of drastic action, Other boards such as *AHEM* Political and religious ones Pretty much Censor the offending material from view before any "Death tolls" are made. One such board edits the post with a gob of signs of american political figures holding photoshopped signs quoting "DON'T FEED THE TROLLS!!!!" Some of em are actually quite funny.