PCR allows for targeted amplification of specific DNA fragments. It involves repeated cycles of DNA denaturation by heating and cooling, primer annealing, and extension of the DNA strand by a DNA polymerase. Key steps include separation of double stranded DNA at 95°C, annealing of primers at 40-65°C, and extension of the DNA chain by DNA polymerase at 72°C. PCR amplifies the target DNA sequence up to 100,000-fold, enabling detection of rare DNA sequences. It has largely replaced other methods for DNA analysis and molecular cloning due to its specificity, sensitivity, speed, and ability to quantitatively analyze DNA.