Weboxi.com is an example of a domain name. It is the name used to identify this particular website and when entered into the navigation bar of a web browser, the browser sends the name to a Domain Name Service (DNS) that contains website domain names and the IP addresses that they correspond to. The website at that IP address then sends the html and resource data, such as photos or flash videos, back to the requesting computer.
Domain names make navigating the Internet much easier for people, as textual names have always preferable for identification purposes over numbers - in the case of website these are IP numbers.
IP to Domain Name mapping also helps in spreading the load of traffic across many machines which is essential for heavily visited websites like search engines. In case a website server isn't working properly the requests to see that website can easily be diverted to a redundancy server, all without Internet users being inconvenienced.