SIP is an application layer protocol for initiating, modifying, and terminating multimedia sessions over IP networks. It uses URIs to address endpoints and can be used for voice, video, instant messaging and other applications. SIP includes components like user agents, servers, and gateways. Common SIP messages are INVITE to create a session, ACK, BYE, and REGISTER. SDP is used to describe multimedia sessions and carry information like media formats and ports. Common codecs are G.711 for voice and H.264 for video.