Keyboards may contain additional keys known as "meta" keys, which also alter the value sent when the meta key is pressed along with a regular key. On PC keyboards, the meta key is the Alt key. One common usage is to press the Alt key along with keys on the numeric keypad to generate "high" ASCII characters that represent foreign language letters, mathematical symbols, or members of the line drawing character set.
Programs can also recognize Alt-key combinations as commands, and what action the program takes when an Alt-key is pressed is often configurable.
In addition, some programs can be configured to specify just what the Alt key is. Emacs, for example, has a meta character used as a prefix to various extended commands. By default, the Meta character is the Esc key, but if you use a PC keyboard, you can tell Emacs to recognize Alt-key combinations instead.