Teach me about....

Can someone tell me whats going on in some of these threads when you're referring to "equity" .....and something about an ICM calculator. Also would it help in a situation like this in knowing when to call.

Its mid stage STT, I'm chip leader on the button with 3000 chips, the shortstack under the gun moves all in for 800. I'm 90% certain I am flipping in this situation with AQ, (because I think he would try to trap with maybe a limp raise or at least not just move all in with AA-QQ) I wasn't sure what to do, so I called, and he turns over 44 as expected.....I lost the flip in the end, but should I have made the call in the first place?

And what is "equity"?

My apologies for all the n00b questions....
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