For the layman - Steam is a soulsucking program that works as a client, opening the door to a realm of gaming experiences. It hosts titles from a variety of popularities, from Fallout 4's expensive game release, free-to-play Mechwarrior Online's "a bit more public than before" release, to their Greenlight section where independent producers can seek the communities support to have their games published and released into the dreaded Alpha and Beta waters.
it's basically a small black hole in your wallet that also consumes a fragment of your lifeforce with it's transactions. i should know, i'm a frequent user.
a steam sale is just that, a sale on the purchasable games on steam, they can be 10% or a ridiculous 99%.