It's grep, just better. It highlights the selected text, it shows which files, and in what line the text was found (and uses vivid colors so you can distinguish them easily), ignores .git and .hg directories (among others, that shouldn't be searched) by default, you can tell it to search, for example for only `--cpp` or `--objc` or `--ruby` or `--text` files (with a flag, not a filename pattern), and many many other neat features that I'm sure grep has, but you have to remember and memorize them. ack has sensible defaults.
Why ack? http://betterthangrep.com/why-ack/
manpage: http://betterthangrep.com/documentation/
Oh, and ack is written in perl and doesn't require admin privileges to install.