Non-commutivity means, roughly, they do not have exactly the same eigenvectors.
The physical interpretation of operators is their eigenvalues are the possible outcomes of observations, and the eigenvectors are the state the system will be in if that eigenvalue occurs.
If observables commute it means, roughly, they have common eigenvectors, hence you will get 'compatible' outcomes if observed. In fact it can mean they are really the same observable in disguise - since you may get the other merely by relabeling the outcome with a different value - but the exact sense that is true requires a bit of experience with the formalism.
If they do not commute, in a sense they are incompatible, and it can be shown they can not have simultaneous values - this is the essence of Heisenberg's famous uncertainty relations.
Just so you understand what's going on a bit better I will tell you a more advanced view. Don't worry if it doesn't gel right now - come back to it later as you progress in your understanding.
Imagine we have a system and some observational apparatus that has n possible outcomes associated with values yi. This immediately suggests a vector and to bring this out I will write it as Ʃ yi |bi>. Now we have a problem - the |bi> are freely chosen - they are simply man made things that follow from a theorem on vector spaces - fundamental physics can not depend on that. To get around it QM replaces the |bi> by |bi><bi| to give the operator Ʃ yi |bi><bi| - which is basis independent. This is the first axiom of the treatment in Ballentine - QM - A Modern Development (a very well respected book on QM that develops it in a fairly careful and rigorous way from just two axioms - not good to start with since its graduate level - but good to work towards which is why I am mentioning it), and heuristically why its reasonable.
Next we have this wonderful theorem called Gleason's theorem which, basically, follows from the above axiom:
http://kof.physto.se/theses/helena-master.pdf
This is the second axioms in Ballentine's treatment.
This means a state is simply a mathematical requirement to allow us to calculate expected values in QM. It may or may not be real - there is no way to tell. But its very similar to the role probabilities play in probability theory, and most would not say they are real.
Further in that vein, nowadays its often thought of as just a novel version of probability theory - there basically being just two reasonable models applicable to physical systems. Check out:
http://arxiv.org/abs/quant-ph/0101012
http://arxiv.org/abs/0911.0695
Again - the above is just for future reference. You will appreciate them more when you have gone a bit deeper. For now simply keep in mind what I said at the start and plough on.
Thanks
Bill