The longest common subsequence (LCS) of two sequences is...well...best described by an example. First, take two strings:
apple
pale
Now, what is the longest sequence of characters common to both strings? Note here the technical difference between a string (no gaps) and a sequence (any gaps). The solution for this ultra-simple puzzle is :
apple
pale

LCS(apple, pale) = ale

This can be done for any pair of sequences by dynamic programming, and is related to the concept of edit distance. However, there is a minor problem with LCS :
pale
apple

LCS(pale, apple) = ple

If there are two or more subsequences of indentical length, it is difficult to know which is 'better'. This potentially makes it harder to use for comparing more than two sequences. The reason for using this technique is for things like local sequence alignment in bioinformatics. So multiple alignments have to use some sort of heuristic to choose which ones to compare first.