Today is the 29th February 2008 and the next time February have 29 days will be in 2012.
A leap year (or intercalary year) is a year containing one or more extra days (or, in case of lunisolar calendars, an extra month) in order to keep the calendar year synchronised with the astronomical or seasonal year. For example, February would have 29 days in a leap year instead of the usual 28. Seasons and astronomical events do not repeat at an exact number of full days, so a calendar which had the same number of days in each year would over time drift with respect to the event it was supposed to track. By occasionally inserting (or intercalating) an additional day or month into the year, the drift can be corrected. A year which is not a leap year is called a common year.
Source: Wikipedia 
Happy Leap Year everyone and for those whose birthday falls on the 29th February, happy birthday!