Here's my best attempt to put it into layman's terms:
We're looking at two sets of problems here, categorized by computational complexity; i.e. how much longer it takes to solve a particular kind of problem as you make the input set bigger. This is related to the idea of big-O notation; for a toy example, if I am looking for the biggest number in an unsorted array, I need to check every number, so it's O(n); it takes twice as long for an array twice as big. If it's sorted, though, it's O(1); no matter how big the array is (and ignoring the speed at which it can be accessed), it's going to take the same amount of time to pull up the first (or last) element.
P refers to the set of problems for which the big-O notation is O(n^k) for some constant k; in other words, they are solvable in polynomial time for a deterministic computer. These problems, among which number selection sort and maximum matching, are (loosely speaking) efficiently solvable, or at least solvable with predictable efficiency, by computers we can actually build.
NP is P but for a computer that isn't deterministic; that is to say, for a computer that can choose to do two different things based on the same input -- and magically choose the more useful one. Naturally, we do not have these computers -- and before anyone brings it up, no, quantum computers are not the same thing as nondeterministic computers. If we did, though, have computers that could intelligently choose to do different things with the same input and always pick the right thing, we could solve what are called NP-hard problems in predictable time. Instead, NP-hard problems can be solved by generating random solutions, the verification of which is not itself NP -- but nobody knows how long that's going to take. NP-hard problems are interconvertible, too, so a polynomial solution to one of them could solve all of them.
P=NP, it would utterly break most of the cryptography people use day to day (although not all of the cryptography we could use); primality testing is P but factoring is NP, so if P=NP we can determine everybody's private keys and read encrypted messages and destroy our current ability to securely send and receive information. One-way functions also depend on P != NP, so all our password hash functions would be useless too. It would allow for efficient solutions of traveling salesman, though, and some folding problems, so that would be nice. There are other implications but they're mostly too arcane to explain here.
On the other hand, if P != NP (as is increasingly likely)...not much changes, except that we don't need to worry about if P=NP. We may not need to worry about it anyway; just because a problem is polynomial does not mean it is easily solved with computers we actually have.
In the most banal of "practical terms", it won't matter to people outside of STEM either way; the kinds of problems a constructive proof of P=NP would make it more efficient to solve aren't the sorts of things most people solve, and we have stochastic ways of solving specific cases of NP-hard problems now, much as we do for problems in P where k is too large to bother solving optimally.