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I have seen this topic while going through some SEO lessons, don't know whether its right..? please reply with some of your knowledge about this topic which would help me in learning more about Google Page rankings.

Real Pagerank
In short the more websites are linking to your domain the higher pagerank will your site get. This is real pagerank. It is updated in real time so if you get a few links pointing to your web today your real pagerank will be increased as soon as the spider will find these links.

Toolbar Pagerank
If you install Google toolbar you will see the toolbar pagerank value. It is good tool for webmasters to get an idea how important is the visited website. Toolbar pagerank is updated only a few times a year. For this reason it may happen that new website has no toolbar pagerank but ranks well.

Regards
Subin S
Jr SEO

Good question Subin

It's not just about number of web pages linking to the other site, but it's the value of those page ranked pages that provide the inbound links.

But don't pay too much attention to the PR rank of a site, because it doesn't directly affect the actual ranking of a site.
A PR 3 site can easily outrank a PR 5 site