Browned butter is incredible. It's not something you buy. You cook the butter on the stove until it gets to be a golden brown and have a nutty smell. The milk solids are what turn the butter brown. It's best to use a stainless steel pot or skillet, as it will be difficult to judge the color of the butter in something with a black or dark non-stick surface.
You can swap browned butter for regular butter. Obviously, you would want to use it at the same temperature as called for in the recipe. Even though the moisture might be slightly reduced in the butter after cooking, I have not personally noticed any differences in recipes where it was swapped with regular butter. In buttercream, browned butter is awesome, especially when used with caramel, pumpkin, or nuts. I made browned butter pecan pies at Thanksgiving and everyone freaked out about how delicious they were.