There are two main types of pleural effusions - transudative and exudative. Transudative effusions have low protein levels and do not meet Light's criteria, while exudative effusions have high protein levels due to leaky capillaries around the pleura. Common causes of pleural effusions include congestive heart failure, hypoalbuminemia, subdiaphragmatic processes, infections like parapneumonic effusions, neoplasms, and inflammatory conditions. Diagnostic thoracentesis is important for analyzing pleural fluid via Light's criteria and other tests to determine the specific cause of the effusion.