MMX, unofficially "MultiMedia eXtensions" (although Intel won't admit that), is a set of extra opcodes to perform several operations very fast, especially useful in graphics and sound processing. You can do stuff such as adding, subtracting and multiplying 8x8bytes at a time, with or without "saturation" (so that 200 + 100 becomes 255 and doesn't "wrap around").

Of course, you cannot do FPU stuff while you're doing MMX, or you will die horrendously.