So you're in the middle of working on something and you decide you need to do something else. You could just drop what you're doing and switch tasks, but this is a multi-user system, right? And you can log in as many times simultaneously as you want, right? So why should you have to do one thing at a time?
You don't. We can't all have multiple keyboards, mice, and monitors for one machine; chances are most of us don't want them. Clearly, hardware isn't the solution. That leaves software, and Linux steps up on this one, providing “virtual terminals”, or “VTs”.
By pressing Alt and a function key, you can switch between virtual terminals; each function key corresponds to one. Slackware has logins on 6 VTs by default. Alt+F2 will take you to the second one, Alt+F3 to the third, etc.
The rest of the function keys are reserved for X sessions. Each X session uses its own VT, beginning with the seventh (Alt+F7) and going up. When in X, the Alt+Function key combination is replaced with Ctrl+Alt+Function; so if you are in X and want to get back to a text login (without exiting your X session), Ctrl+Alt+F3 will take you to the third. (Alt+F7 will take you back, assuming you're using the first X session.)