Teflon tape is a very thin white tape used to wrap the threaded ends of pipes to improve the watertightness of a joint, there is also a another variety of thread seal tape that is pink. The pink tape which is thicker so you need less to obtain the same thickness as white.
People often ask the following questions about the use of Teflon tape
How much Teflon tape should I use? How many times around should I wrap Teflon tape? Which direction should Teflon tape be wrapped?