DVC is Disney Vacation Club.
It is essentially a time share.
Instead of purchasing a particular week, you purchase points, that are allotted to every year. You can stay for as few or as many days as you like, or stay in accommodations ranging from studios to 3 bedroom vacation homes.
Disney has 6 DVC resorts on property at WDW, with 1 each in Hilton Head S.C. and Vero Beach, FL.
The number of points used per night varies by the resort chosen, room type, time of year, and whether weekday or weekend. Studios range from 6 points per night at Hilton Head in January on a weeknight, to 43 points per night at the Wilderness Lodge Villas at Christmas on a weekend. 8-12 points is very common.
On a recent trip, DH and I stayed in a 2 bdrm Boardwalk View Villa for 5 nights in April for 200 points.
Points generally range from $70-$90 resell or $100+ from Disney. You must purchase a minimum of 25 points resell and 160 points from Disney. Small contracts tend to be harder to come by.
For convenience, you can bank points from a previous year into the next year, or borrow from an upcoming year.
For our April 2007 trip, we had purchased DVC in January 2006 and banked our 2006 points. We were then able to use 100 2006 points and 100 2007 points to go on our trip with 200 points in April 2007.
DVC also allows you to use points at other Disney resorts in FL and around the world, go to nice hotels, Disney Cruises, and other timeshares. These tend to not be as economical as going to DVC properties, but provide options for using points other than Disney.
Spiceycat is much more knowledgeable than myself, and provided some very useful links.
We love our DVC!
You can also contact Disney and they will be
very happy to send you a video.