Implied Odds are the pot odds adjusted for future betting.
Lets say you flop a flush draw. There is $500 in the pot and your opponent bets $500. It costs you $500 to potentially win $1000, or Pot Odds of 2:1. You do not have proper Pot Odds to make the call.
But when you consider the Implied Odds, how much you will likely win from your opponent if you make your flush (and it is the best hand) it may be worth calling his bet. Keep in mind that if you are out of position with players to act behind you, a bet from one of them will make your implied odds calculation incorrect.
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