Hehe... White balance is actually related to color temperature.
http://en.wikipedia.org/wiki/Color_temperature
It is how a digital camera 'reads' what is white in a scene, which is determined by the color temperature of the bulbs or light source you are using. If you ever used slide film to take pictures of stuff, think 'daylight balanced' vs 'incandescent'.
Since digital cameras are not chemically preset to certain color temperatures of light, they can on the fly determine what the white balance is. When you set a custom white balance, you are forcing the camera to record colors based upon what you determine is 'white'. This really helps because it means far less correcting of the picture after you take it!
Like I said, shoot me a pm or email
simms13@yahoo.com if you have any questions. If you let me know the make and model of your camera I can give you much more specific advice!
David