This is the same as asking, "Why does a guitar string vibrate at a specific frequency when it is held at two points and plucked?"
A particle obeys a wave equation called the Schrodinger equation. It is like the wave in the string. When the particle is confined to an atom, it is like holding the string at two endpoints. When you pluck the string, it vibrates at different frequencies or harmonics, each one of which is a multiple of the fundamental frequency. If you draw two points on a paper and then draw a sine wave going from one to the other, you can do it in several ways. Just draw one arch going from left to right, or draw one arch and one trough from left to right, or draw one arch, one trough and one arch. These are the three fundamental modes, each of which has a different frequency and corresponding energy. See
http://en.wikipedia.org/wiki/Vibrating_string -- the picture to the right.
The same thing happens when you hit a drum in two dimensions, except each radial slice of the drum is a sine wave. See
http://en.wikipedia.org/wiki/Vibrations_of_a_circular_drum at the bottom where they animate the modes. The same will happen in three dimensions if you strike a sphere; the air inside will oscillate in discrete modes (spherical harmonics). This is the closest to what is happening with the electron in an atom, except the wave also has something called quantum phase, which we will not worry about.
This explains why you only see certain energy levels (quantized modes). It is harder to see why the angular momentum is quantized, but it comes from the same equation in multiple dimensions. There are different ways to distribute the mass to get the same energy, so each of these have a different angular momentum, see
http://en.wikipedia.org/wiki/Atomic_orbital, the orbitals table.
To sum up, you get multiple discrete modes because it is confined to a sphere. (In reality, it is not confined to a sphere, but something spherically symmetric, but I think that's close enough.) The modes have different angular momenta because the mass distribution is different for each one and they are discrete because if you demand that the particle is confined to the atom (spherically symmetric potential), then only discrete modes are allowed.
Now go explain this to someone else.