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A parked domain is a domain that doesn't have a hosting account associated to it, and that is usually enabled with URL forwarding capabilities, so that it points to an existing website.
For example, let's assume that you already run a newsletter that is hosted in a subdirectory of your domain name, as follows: "http://www.domain.com/newsletter/index.html". You may at one given point want to register a separate domain name for your newsletter, so that it is more memorable, but may not want to move its pages to a new server, open a new hosting account, or pay to establish an add-on domain. You can then register a and park a new domain for your newsletter (for example: "http://www.newsletter.com"), which will be forwarded to "http://www.domain.com/newsletter/index.html".
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I have been with ayksolutions for around 5 years and have been thoroughly impressed with them. All support tickets are answered within minutes, regardless of the time of day. Prices are very reasonable, especially considering the support and services they provide. They are constantly doing crazy deals for servers as well. If you're looking for someone good and reliable to host with, from shared hosting to dedicated servers, I easily recommend ayksolutions.