This would be so cool if they ever got it to work. And at seven billion dollars, it ain't that expensive considering how useful it could be.
At the heart of a space elevator would be a cable reaching up as far as 100,000km from the surface of the Earth. The earthbound end would be tethered to a base station, probably somewhere in the middle of the Pacific ocean. The other end would be attached to an orbiting object in space acting as a counterweight, the momentum of which would keep the cable taut and allow vehicles to climb up and down it.