Acoustic black holes are relatively new physical objects that have been introduced and investigated mainly during the last decade. They can absorb almost 100% of the incident wave energy, and this makes them very attractive for such traditional engineering applications as vibration damping in different engineering structures and sound absorption in gases and liquids. They also could be useful for some ultrasonic devices using Lamb wave propagation to provide anechoic termination for such waves. So far, acoustic black holes have been investigated mainly for flexural waves in thin plates, for which the required gradual changes in local wave velocity with distance can be easily achieved by changing the plates' local thickness. The present paper provides a brief review of the theory of acoustic black holes, including their comparison with optic black holes introduced about five years ago. Review is also given of the recent experimental work carried out at Loughborough University on damping structural vibrations using the acoustic black hole effect. This is followed by the discussion on potential applications of the acoustic black hole effect for sound absorption in air.