Black Hole

Black Hole
A black hole is a region of spacetime from which gravity prevents anything, including light, from escaping. The theory of general relativity predicts that a sufficiently compact mass will deform spacetime to form a black hole. Around a black hole, there is a mathematically defined surface called an event horizon that marks the point of no return.
The hole is called "black" because it absorbs all the light that hits the horizon, reflecting nothing, just like a perfect black body in thermodynamics. Quantum field theory in curved spacetime predicts that event horizons emit radiation like a black body with a finite temperature.

Most black holes form from the remnants of a large star that dies in a supernova explosion. (Smaller stars become dense neutron stars, which are not massive enough to trap light.) If the total mass of the star is large enough (about three times the mass of the Sun), it can be proven theoretically that no force can keep the star from collapsing under the influence of gravity. However, as the star collapses, a strange thing occurs. As the surface of the star nears an imaginary surface called the "event horizon," time on the star slows relative to the time kept by observers far away. When the surface reaches the event horizon, time stands still, and the star can collapse no more - it is a frozen collapsing object.

Sources and further reading:
http://science.nasa.gov/astrophysics/focus-areas/black-holes/
http://en.wikipedia.org/wiki/Black_hole

Watch animation of a black hole destroying a star:
Black hole destroying a star

Gravity and space explained for children by Dan Burns, very interesting video, his method is pretty good you could try it at home:
Gravity Visualized