Blackboard Collaborate is an online meeting software that allows instructors to connect with students in real-time and engage with various features. The document provides step-by-step instructions on how to set up audio and video when entering a Collaborate session, access features in the session menu like recording and using a phone for audio, and utilize the Collaborate panel to chat, share content, and create breakout groups. Instructors can share their screen, files, or use the whiteboard and break students into smaller groups to encourage collaboration.