Before we dive in, be warned: hedge funds are not the easiest point of entry if you're new to the world of investing. And if you're not already rolling in the dough, you're not likely to make it happen with the aid of a hedge fund.
Hedge funds are alternative investments that are often for pro investors only, where institutions or individuals with significant assets (sometimes known as the limited partners) pool their money and go into partnership with a fund manager. The hedge fund manager (aka the general partner) can invest in pretty much anything - land, property, currencies, derivatives, as well as stocks - in line with the fund's agreed strategy. They make money when the price of assets rise or fall.
The rules and regulations are less than you have with traditional investments, hence why they're best left to the pros.