I'm not looking for schematics or anything just a basic understanding of how the system works (theory).

not looking for answers like
super
awesome
great
fantastic

I'm wanting to know how it dioes what it does

Google is your friend

http://www.slewin.clara.net/elec/tmotor.htm

Hey is there a site that explanes hoow a ESC works? I have wounder about that. That siite about motor is great.
Thanks

This should give you an idea

http://www.4qdtec.com/pwm-01.html

hi ,i am a off road racer,i race a t-4 i am interested in running lipos and a brushless set up not sure on what set up to get,novak,lrp,etc...charging lipos? what charger/discharger set up is best any info would be greatly appreaciated.