HomeGroup is a new feature of Windows 7 to make it easier to share documents, printers etc between all computers in your home
To create a HomeGroup go to Control Panel, Network and Internet, HomeGroup and click Create a homegroup, the wizard above will then show asking you what you want to share with other users, once you have chosen click Next to show your homegroup password and instructions on how to add other home computers to your new group
Note: Computers must be running Windows 7 to join a homegroup, it will not work with Windows Vista or Windows XP