Glycolysis is a universal metabolic pathway that converts glucose into pyruvate, with variable outcomes such as generating carbon dioxide and water in the presence of oxygen or forming lactic acid or ethanol during fermentation. The process consists of three stages: the conversion of glucose to fructose 1,6-bisphosphate, the cleavage into two three-carbon units, and the oxidation to pyruvate, involving ten enzymatic steps. Key regulatory points include the enzyme phosphofructokinase-1, which is crucial for controlling glycolysis based on the cell's energy needs.