Geocaching is an entertaining adventure game for GPS users. Participating in a cache hunt is a good way to take advantage of the features and capability of a GPS unit. The basic idea is to have individuals and organizations set up caches all over the world and share the locations of these caches on the internet. GPS users can then use the location coordinates to find the caches. Once found, a cache may provide the visitor with a wide variety of rewards. All the visitor is asked to do is if he or she gets something is to leave something for the cache. [Source: Geocashing.com FAQ]
Other names for Geocaching include GPS Stash Hunt or Global Positioning Stash hunt.