The Reynolds number can be defined several ways, one way is Re = [itex]\frac{2\rho Q}{\pi \mu L}[/itex] where [tex]\rho[/tex] is the fluid density (which can depend on temperature), [tex]\mu[/tex] the viscosity (which also depends on temperature), Q the volumetric flux of fluid (which will depend on velocity) and L a length scale.
The Reynolds number, like any dimensionless group, is used for several types of analysis. First, one can compare different geometries and fluid characteristics in a rational manner. Second, the relative importance of one phenomena with respect to another (viscosity vs. inertia, velocity vs. diffusivity, surface tension vs. gravity, etc...) can be related rationally and this gives insight as to what is the most important characteristic governing a system.
As an extreme example, ship designers can use flow chambers containing liquid helium as the fluid- the viscosity is near zero, so incredibly large Reynolds numbers can be simulated, corresponding to large ocean-going vessels. This allows the use of small-scale models that physically fit in the lab.