this is probably old news but i found this link on "The PageRank Algorithm" explained via digg.

http://pr.efactory.de/e-pagerank-algorithm.shtml

<quote>
The original PageRank algorithm was described by Lawrence Page and Sergey Brin in several publications. It is given by

PR(A) = (1-d) + d (PR(T1)/C(T1) + ... + PR(Tn)/C(Tn))

where
PR(A) is the PageRank of page A,
PR(Ti) is the PageRank of pages Ti which link to page A,
C(Ti) is the number of outbound links on page Ti and
d is a damping factor which can be set between 0 and 1.
</quote>