A patent troll is a derogatory term referring to as an individual or organization that acquires patents solely for the purpose of extracting royalties from companies that might be using their patents. Wikipedia has a good definition for Patent troll. Traditionally companies file patents to prevent other companies from using their inventions in their products or services for the life of the patent.
There is a general belief that the patent troll practice (usually executed by contingency-based attorneys) is simply stifling innovation in the industry. Some believe that patents are handed out too liberally due to the enormous backlogs at the patent office. The patent office is a profitable enterprise and the pressure to allow patents is certainly there. As a result the validity many patents are now being debated in court.
