Well all RAW shots have to be converted before they can be used - the camera should have come with its own software that will let you edit them and programs like photoshop elemnents, GIMP and others will either work automatically with that software or wil be able to download a codec to read the RAW.
Once you can do that you open the RAW in that program and you then have to edit the shot instantly - you can set the white blance, change the exposure (really helps sometimes this) and also colours, blacks, brightness and others. This can be done using auto settings or manually and then you open the image (don't save) into your editer and can further tweak the shot with things like levels and sharpening.
Once done you have to save the shot as something - like JPEG.
This means that RAW can take longer as you can't just take straight from camera, but the additional editing power is very nice to have as a backup for when you don't get quite what you want in the field.
The downside is that they are big files - around 10mb each so it really lowers how many shots you can take.
A case of quality of quantity.