If the content of a site is stored in a database and pulled for display on pages on demand, dynamic URLs maybe used. In that case the site serves basically as a template for the content. Usually, a dynamic URL would look something like this: http://code.google.com/p/google-checkout-php-sample-code/issues/detail?id=31.
You can spot dynamic URLs by looking for characters like: ? = &. Dynamic URLs have the disadvantage that different URLs can have the same content. So different users might link to URLs with different parameters which have the same content. That's one reason why webmasters sometimes want to rewrite their URLs to static ones.