VOIP is Voice-Over-IP, and means using the internet to make telephone calls. There are many companies that have popularized it, including Vonage and Skype and many others. Microsoft has decided to enter this market, and is now rolling out its own VOIP server called Office Communications Server. Full text for more info.
Microsoft entering the VOIP market.
More info on their site at http://www.microsoft.com/presspass/press/2007/mar07/03-06VoiceCon07PR.mspx