busses can do a lot of things. One of the most common is a reverb bus. In reaper it's super easy. The concept is you send everything you want to have the same reverb to one channel (by dragging the little I/O button on the original track and dragging it to the I/O button on the bus). You are going to have two signals in the end, one the dry unbussed track, and the second the reverb on the bus.
So, In reaper, just create a new track that will be the reverb bus and drag everything you want to have that reverb onto the bus. Second, you can adjust how much of the dry signal is going to the bus and consequently how much reverb a particular track has by turning up or down the amount sent to the bus. Then you just adjust the amount each dry signal is sent to the reverb.
Read chapter 4 in the Reaper manual, it explains it way better than I can. It's pretty cool, using folders and busses you can create groups and effects busses very easily. It is something you'll have to play with for a while to get right.
Oh, and a bus can be anything you want it to be (EQ, Compression, Reverb, etc.) Reverb is just the most common because it is often used for guitars, drums, and vocals.
And the reasons for a bus are 1) saves power because you are only using one instance of the effect rather than one for each track, and 2) it puts things in the same "space" because they have the exact same reverb.