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Symbolic links are useful for storing things in a separate place from where they appear to be.
In computing, a symbolic link is a type of file that contains a reference to another file or directory. This affects pathname resolution.
How can I create one in elementary (both GUI/Terminal)?
The latest version of Pantheon Files on freya allow you to drag and drop files by right-clicking on them.
When you drop it a contextual menu appears letting you copy it, move it, or create a link. To manually create it with the terminal, just follow Huey's steps.
To create a symbolic link from /home/huey/galactica to /usr/local/pegasus, meaning that the galactica directory in the home folder points to the pegasus folder:
ln -s /home/huey/galactica /usr/local/pegasus