A PPA is an individual's repository. They're used to dristribute more up-to-date versions of software than the distro maintainer. A good example of a PPA is postgresql. They test their new builds on Ubuntu, but Ubuntu only tests one of their builds every 6 months. By adding the Postgresql PPA, you can get the most up-to-date stuff in a more timely fashion.
Another good use for a PPA is for non x86-64 architectures (which the raspberry pi is). Adding a PPA is the same operation as adding a repository. apt-add-repository is the command for Ubuntu I believe.
I say this because I've attempted to compile things on a Pi 2, and it's an overnight wait.