Basically its called auto exposure lock, and is not just limited to manual mode. All cameras meter on a grey scale, and you want about 18% grey. You can get this from metering off something that is exposed about right in the picture, ie not something bright like the sun etc or something really dark. Obviously when its all dark, you need to expose more etc. You can also get the same result from an 18% grey card.
Its useful when taking pictures with lots of dark and light regions in the centre of the frame - ie where you are metering if you have spot metering, and the pictures dont come out right.
So, to use AEL is simple. Say you are taking a photo with a lot of dark sections, say a black car, the meter in the camera will be fooled by the dark, and the exposure will be all wrong. So, what you do is point the camera at something in the middle (grass is very good for this) press the AEL button (you may have to hold it down - read your manual) then take the picture. The meter will be set accurately according to the grass, and the car will be exposed correctly.
Does that make sense?