I'm too lazy to read this entire thread before putting my two cents in, so sorry if this has been explained already.
String theory deals with gravity on a quantum level. I don't know the gory details of how the quantum mechanics is handled, but the gravity part is explained by having all particles be (or have in their centers) tiny vibrating strings. Of course, according to Einstein, moving things warp spacetime, just like what we see as gravity. So the tiny vibrating strings are warping spacetime, and we see it as gravity. The 10-26 dimensions are required to explain why gravity is so much weaker than the other forces: it actually isn't any weaker. Supposedly, gravity is diluted by the extra dimensions, so we only get a fraction of it. M-theory in particular helps illustrate this concept by having fermions be open-ended strings that are attached to membranes that are the dimensions. Gravitons, on the other hand (which have yet to be observed) would be closed-ended strings that would be free to float off of a lower dimensional membrane up to a higher dimension. (Well, some people visualize it as sinking, since they visualize the membranes as a lower dimension floating on top of a higher dimension, but that doesn't really matter.)
In particular, the amount of dimensions is dependent on the amount of potential energy (of something, I don't know what). All I know on that subject is that the discrepancies between the number of dimensions predicted by the various string theories arise from the different theories applying to different things (for instance, M-theory deals mostly with membranes, while there's a string theory that deals exclusively with bosons). Originally, it was thought that there was only one correct string theory, but physicists have started to see dualities between them all.
Or at least, that's how I understand it as the Science Channel and The Elegant Universe explained it.