The answer depends on whether you are dealing with discrete or continuous random variables. So, I will split my answer accordingly. I will assume that you want some technical details and not necessarily an explanation in plain english. If my assumption is not correct please let me know and I will revise my answer.
Discrete Random Variables
Suppose that you have a stochastic process that takes discrete values (e.g., outcomes of tossing a coin 10 times, number of customers who arrive at a store in 10 minutes etc). In such cases, we can calculate the probability of observing a particular set of outcomes by making suitable assumptions about the underlying stochastic process (e.g., probability of coin landing heads is $p$ and that coin tosses are independent).
Denote the observed outcomes by $O$ and the set of parameters that describe the stochastic process as $\theta$. Thus, when we speak of probability we want to calculate $P(O|\theta)$. In other words, given specific values for $\theta$, $P(O|\theta)$ is the probability that we would observe the outcomes represented by $O$.
However, when we model a real life stochastic process, we often do not know $\theta$. We simply observe $O$ and the goal then is to arrive at an estimate for $\theta$ that would be a plausible choice given the observed outcomes $O$. We know that given a value of $\theta$ the probability of observing $O$ is $P(O|\theta)$. Thus, a 'natural' estimation process is to choose that value of $\theta$ that would maximize the probability that we would actually observe $O$. In other words, we find the parameter values $\theta$ that maximize the following function:
$L(\theta|O) = P(O|\theta)$
$L(\theta|O)$ is called as the likelihood function. Notice that by definition the likelihood function is conditioned on the observed $O$ and that it is a function of the unknown parameters $\theta$.
Continuous Random Variables
In the continuous case the situation is similar with one important difference. We can no longer talk about the probability that we observed $O$ given $\theta$ as in the continuous case $P(O|\theta) = 0$. Without getting into technicalities, the basic idea is as follows:
Denote the probability density function (pdf) associated with the outcomes $O$ as: $f(O|\theta)$. Thus, in the continuous case we estimate $\theta$ given observed outcomes $O$ by maximizing the following function:
$L(\theta|O) = f(O|\theta)$
In this situation, we cannot technically assert that we are finding the parameter value that maximizes the probability that we observe $O$ as we maximize the pdf associated with the observed outcomes $O$.