Paging is a memory management technique that allows a computer to store and access data from secondary storage for use in main memory. The main memory is divided into fixed-sized page frames to hold pages of data from secondary storage. When a program accesses a memory page not currently in a frame, a page fault occurs. Page replacement algorithms aim to minimize page faults by selecting frames to replace based on factors like how recently or frequently pages have been used. The second chance algorithm uses a linked list and referenced bit to try giving pages a second chance at remaining in memory if they were recently used before selecting them for replacement.