MGCP is a protocol used to control media gateways that convert between audio signals and data packets. It uses a master-slave architecture with a media gateway controlled by a call agent. MGCP commands include CRCX to create connections, MDCX to modify them, and DLCX to delete them. Basic call flows include the media gateway registering with the call agent, creating a call by requesting digits and notifying of events, and terminating a call by deleting connections on hook events.