Ogg is a “collection” of open codecs for sound and video, it is actually a container format. With the different containers it has support for both lossy and lossless music encoding and video, to mention some of what it supports. The best is that the codec is open, and not proprietary like mp3, ogg Theora for example, which encodes lossy movies, is licensed under a 3-clause BSD license.
The BSD license basically says (to say it an easy way) here is the software, do whatever you want with it, but I have the copyright and I does not deliver any kind of warranty. Of course this is just a very easy way to look at what the license says, if you want read more you can visit wikipedia.
If you want to read more about ogg you can do that on wikipedia.
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