element14 is named after the 14th element in the periodic table, silicon, which of course, forms the basics of the electronics industry.
The web site is hard to describe, it's really what you want it to be, you can add friends and update status like facebook, you can participate in discussions which are usually split into technologies and industries, you can even make your own group! You can talk directly to suppliers and experts, review the latest products...and a whole lot more