Hi nbuengr2,
A passphrase is a longer version of a password, and in theory, a more secure one. Typically composed of multiple words, a passphrase is more secure against standard dictionary attacks, wherein the attacker tries all the words in the dictionary in an attempt to determine your password. The best passphrases are relatively long and complex and contain a combination of upper and lowercase letters, numeric and punctuation characters.
PGP uses a passphrase to encrypt your private key on your machine. Your private key is encrypted on your disk using a hash of your passphrase as the secret key. You use the passphrase to decrypt and use your private key. A passphrase should be hard for you to forget and difficult for others to guess. It should be something already firmly embedded in your long-term memory, rather than something you make up from scratch. Because if you forget your passphrase, Your private key is totally useless without your passphrase and nothing can be done about it.