u can say that its a one type of informal,creative testing 
not based on test plans or test cases.Testers may learn the 
software as they test it.

Exploratary Testing is an informal testing which is used to 
gain familiarity of the application.

When a tester test a application by exploring with his 
prevoius experience and based on the application tetser 
writes testcases.Thisn is exploratory testing

Suppose we dint having any testing docuemts that r related 
to our aplication...and also we dont know the functionality 
of the application ...then this time we go for exploratory 
testing...in this type of testing we know the functionalyt 
f the application..


if any one having ny doubts 
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Exploratory testing is simultaeous learning , test design 
and test executtion. It is type of adhoc testing, but here 
tester does not have that much idea about the application, 
he explores the system in an attempt to learn the 
application and simultaneously test it.