This article explains what polymorphism is and how it applies to object oriented design in particular. It also explains the pros and cons of polymorphism when working with certain versions of PHP.
They start with a definition on the topic that doesn't seem to help much: "The occurrence of different forms, stages, or types in individual organisms or in organisms of the same species, independent of sexual variations." They do, however, follow that with what it means to programming: "...an interface or base class without regard to an object's concrete class." They also include a simple example (no code, that's later).
With that concept in place, they move to the next step - working with the example to create code that can be used as a reference point. They talk about using a switch to make the script respond differently to different inputs and the lack of "late binding" support in PHP5.