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PasteSite.Com is a tool which allows you to submit a sample of code which can then be viewed with syntax highlighting from the website.
The main use for a pastebin occurs in Instant Messaging contexts such as IRC where you are not permitted to paste a full program into the chat. Using this service you can submit the code here, and then simply paste the URL into the chat window, they can then view the paste in its entirity with syntax highlighting to aid in diagnosing errors. For example, the following exchange might occur:
<Fred> Hey, can you help me with this PHP?
<Ted> Sure, let me see.
<Ted> Fred: you've missed a semicolon on line 7.
<Fred> Ah, yeah, I see, thanks!