SRAM (static RAM) uses high-speed latches (logic gates in a sequential circuit) to store information. As long as power is supplied to the circuit, it will retain the information. The advantage is that they are very fast and the logic design is very simple, but they are expensive to produce. It is mainly used in high-speed cache situations.
DRAM (dynamic RAM, ie EDO DRAM, SDRAM, DDR SDRAM, RDRAM) uses miniature capacitors to store information. The advantage is that they are very inexpensive to produce, but they are difficult to design. Also, because the capacitors loose their charge, they must be refreshed every few milliseconds, which is why DRAM inherently has a much higher latency that SRAM. DRAM is used for main memory.