League of Legends (often referred to as LoL) is a 3D fantasy MMO by Riot Games, where players choose from one of many champions and fight it out against their enemies. Although each individual ‘game/match’ doesn’t take place in a persistent world, each player will earn experience points for winning matches, which can be used to permanently improve attributes (Using a runes & masteries along with 2 choices in summener spells) in all future games. League of Legends is actually very similar to a popular Warcraft 3 mod called DotA
During your match in LoL your champion will start out as a level one *scrub, you will fight to defeat other champions and yummy yummy minions to gain gold for items and experience to obtain level 18 as fast as possible.

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*scrub- someone who is a noob or worse then a beginner