Static binding means that the function being called is determined as the program is compiled
Dynamic binding is the opposite of static binding. The binding decision is delayed until runtime. This allows you to add components to your program while it is still running. If the runtime environment is designed to support this (and Rhapsody should be), it opens up a lot of interesting possibilities.
The C++ language supports a limited version of dynamic binding called late binding. In C++, a function call must type-match exactly the called function (called static typing) or else type-match exactly an inherited function. Though C++ virtual functions allow you to delay the binding until runtime, the type constraints still apply. Late binding is still restricted. Dynamic binding is unconstrained.