1. The document discusses the action potential, which is a brief reversal of the membrane potential that occurs when an excitable cell such as a neuron or muscle cell is sufficiently stimulated. 2. When the membrane potential is depolarized to the firing threshold by an stimulus, voltage-gated sodium channels open, allowing sodium ions to rush in and cause rapid depolarization. Then, voltage-gated potassium channels open, causing repolarization. 3. Key features of the action potential include initiation, propagation along the cell membrane via local circuits of current, and refractory periods during which the cell cannot be re-excited.