What does ovulation mean? What actually happens?

Ovulation. Its the process of releasing an egg (or two) from the ovary. After ovulation, the space where the egg came from forms a cyst, called the corpus luteal cyst, which starts making Progesterone to help get the uterus ready for a pregnancy. Once the egg comes out, it will only last an hour or two, so for fertilization (and pregnancy) to occur, it has to fall into a pool of sperm.