Okay, so imagine you have two pictures - one that's really sharp and clear, but doesn't have any colors, and another that has lots of colors, but isn't as clear.
Now, imagine you take the colors from the second picture and put them into the first picture.
What you end up with is a new picture that has both lots of colors AND is really clear and sharp - this new picture is called a "pansharpened image".
Basically, it's like putting together two puzzle pieces to make a better and prettier picture!