Rock protection is used to build anchors for top rope climbing, as well as securing the lead climber to the wall when sport or trad climbing. A variety of equipment is used depending on the rock and type of climbing, and these pieces of gear serve as your lifelines when rock climbing.
Quickdraws are used to connect the rope to the cliff face via a pre-placed bolt. One carabiner goes to the bolt and the other has the rope clipped through it. The carabiners are connected by a piece of sewn nylon sling.
Quickdraws are used almost exclusively for sport climbing. However, a modification on the design called a trad (or alpine) draw is used to extend gear in traditional climbs.
A quickdraw runs at about $12-$15 each, and a dozen should get you up nearly all climbs.