Excerpt from "TalkBass FAQ" (being written as we speak):
1.2. Resistance and Ohm's law
Resistance is another basic aspect of electricity. It determines how much current will flow though a certain load at a certain DC (Direct Current) voltage level. To be more precise: 1 Volt is generated when 1 Ampere flows through a 1 Ohm load. In a formula it looks like this: V=I*R. Voltage equals current times resistance.
Calculating resistances isnt very hard. When you put resistances in series, you can just add up their values. With parallel connections it gets more complicated: say you have two resistors R1 and R2. Their parallel value Rs would be Rs=(R1*R2)/(R1+R2). The following is a more general formula, in which you can put as many resistors as you like in parallel: Rs=1/(1/R1+1/R2+1/R3+
.+1/Rn))
1.3. Impedance
Impedance is a different phenomenon, and is used to describe AC (Alternating Current) loads. It adds the variable of frequency. Impedance can be a constant thoughout a frequency range. In that case, it can be treated just like resistance in that frequency range. However, impedance usually varies widely with frequency, as is the case with loudspeakers. The specified value for loudspeaker impedance is given at 1 kHz, and may range from half to 10 times that value at other frequencies. If you try to determine the impedance of a loudspeaker with an ohmmeter, you'll find a value lower than the specified value. An ohmmeter measures resistance, which could be seen as impedance at a frequency of 0 Hz.
When calculating with loudspeaker impedances, the specified value at 1 kHz is used. Nowadays, loudspeaker impedances are standardised. The most common values are 4, 8 and 16 ohms.
No more questions about ohms, m'kay?
Just kidding.