I posted this after seeing NVT's rep post to Varash.
Reputation on the site is basically like Karma on some forums, you give each-other rep points to show that they are a good person or a cool person. They don't really get you anything, except hopefully some respect and bragging rights.
I believe I didn't check and am too lazy to check, the setting for rep is that you can modify someones rep daily.
For reading this you should up my rep :P