The NVRAM ("non-volatile RAM") is where the Mac stores things like the startup disk. It's analogous to the PRAM (Parameter RAM) in older Macs, and in fact can be reset the same way: hold down Command-Option-P-R during a reboot until you've heard the startup chime a total of 3 times.
This can fix many problems involving the startup process, and even a few others. It is also possible to do an even "deeper" cleaning of the NVRAM using the Open Firmware interface, but that is seldom needed.
tooki