Matt Cutts give a great explanation of how Google search result pages are organized.
Here is the anatomy of a Google search engine results page (SERP):
The blue title is the actual page title. This is why page titles are the most important part of search engine optimization (in my opinion). The page title must have search engine friedly elements and include your targeted keywords, but it also must be readable, useful and interesting so that a real human user will click on it. A #1 ranking is useless if the page title is so unreadable that no one clicks on it.
the snippit can be pulled from the meta description tag, open directory description or a relevant phrase from the actual page.
The keyword is bolded.
Sitelinks for high traffic sites sometimes extra blue links will appear below the listing.
Matt Cutts Explains Google Snippits:
Matt uses a great example and one of my favorite coffee locations Starbucks.com. Unfortunately there is a fair amount of static in this video. Comment on Google webmaster central and ask them to re record it:)