According to webopedia.com (Awesome site by the way
)
IMAP
Short for Internet Message Access Protocol, a protocol for retrieving e-mail messages. The latest version, IMAP4, is similar to POP3 but supports some additional features. For example, with IMAP4, you can search through your e-mail messages for keywords while the messages are still on mail server. You can then choose which messages to download to your machine.
IMAP was developed at Stanford University in 1986.
and
POP3
Short for Post Office Protocol, a protocol used to retrieve e-mail from a mail server. Most e-mail applications (sometimes called an e-mail client) use the POP protocol, although some can use the newer IMAP (Internet Message Access Protocol).
There are two versions of POP. The first, called POP2, became a standard in the mid-80's and requires SMTP to send messages. The newer version, POP3, can be used with or without SMTP.