This is the 1-dimensional time-independent Schrödinger equation for a free particle. So by using this equation, as opposed to the general one, you're making some assumptions:
1) 1-dimensional: this particle is confined to 1 spatial dimension
2) time-independent: this particle has a fixed energy (i.e. it is an eigenstate of the Hamiltonian)
3) free: this particle is not under any external forces, which would produce a potential energy term
Given the restrictive nature of this equation, the solution can be easily expressed as
[itex]\Psi(x) = Ae^{ikx} + Be^{-ikx}[/itex]
where A and B must be determined by boundary and normalization conditions.
As I mentioned above, the wave function isn't a physical observable. However, its absolute square [itex]|\Psi|^2[/itex] is, and represents the probability density for finding a particle at a point x. To calculate the probability of the particle being observed between two points a and b, you just need to integrate:
[itex]P(a,b) = \int^a_b |\Psi(x)|^2dx[/itex]