A stake is a pointy wooden object and one of the most effective ways to slay a vampire. In order for the weapon to be effective, it must penetrate the vampire's heart.
However, vampires in possession of the Gem of Amarra would be rendered invincible, and immune to staking. A vampire can also become immune to staking by having it's heart surgically removed, although this process certifies the vampires death withing about six hours.
Kendra Young once owned a stake which she nicknamed "Mr. Pointy". She then passed this on to buffy before her death.