Simply put, a "makerspace" is a place for people to make things. With the growing popularity of DIY shows and Maker Faires across the country, it's no surprise that progressive educators have found a way to connect this to teaching. This is really nothing new, but more of a redesigned shop class with a technology twist. It's sort of a mix of art, science, wood shop, and computer classes all combined together where students can solve problems, innovate and experiment. While working on projects, students practice 21st century survival skills such as creativity, problem solving, persistence and collaboration.
To create this environment in your classroom you need plenty of room for students to work, a flexible attitude, and lots of "stuff." The Maker Movement has become popular on the web with adults but few resources are related to the classroom. I suspect that there will be more and more as the movement gets rolling.
Makerspace resources:
Makerspace Playbook
A guide for creating a Makerspace in your classroom or school. Aimed at high school level.
CoLaboratory
A model classroom with pictures.
I also have a Pinterest board filled with more resources and potential projects for your Makerspace classroom.