Heres a cut away pic I found on the net to show whats inside an exhaust box.
A: This is the entry pipe into the silencer from the exhaust system, the void next to this is the expansion area of the silencer and is normally packed with sound deadening and this absorbs the sound waves/pulses.
B: These are the "baffles".
C: These are the outlet pipes, This is a silencer from a MGF and has two tail pipes.
Hope that helps.