Originally posted by Motherland
Let me see if I've got this straight...
Let's start with a simple airfoil shape, one that's flat on the bottom and has a basic teardrop shape on top. I wish I had a picture handy to illustrate, but alas...I went ahead and made this half way through the post...

Forgive the crude drawing.
As the air hits the leading edge of the wing, it momentarily "stops" and then splits, with some air going under the wing, and other air going over the wing. The air going over the wing accelerates as it travels up and over. Ideally, we want the air to pass over the top of the wing in a smooth, "laminar" fashion. The air closely follows the profile of the top wing surface. But, since air has mass, and doesn't want to be disturbed...if the transition vertically is severe enough, the air can "trip" or "stumble" and become turbulent. It is still attached to the wing--but swirling from being disturbed too much by the profile of the wing. This happens on ALL wings--the difference is how far back along the top of the airfoil length (aka the "chord") the turbulence begins. The turbulence can either be created by the front part of the chord, where it forces the air up, or be created by the middle of the chord, where it transitions from an upward motion to a downward motion, or can be created as the airfoil tapers down to the trailing edge. All these different direction changes can cause turbulent flow, depending on the geometry of the wing.
What NACA tried to do was test whether or not they could force the air to remain laminar as far back along the chord as possible by changing the geometry of the airfoil. The longer they could delay the air becoming turbulent, the less drag the airfoil shape would create, therefore reducing the overall drag of the wing caused by the airfoil geometry. What they discovered was that there was a limit to how far back they could push the turbulent flow. About 55% along the top of the airfoil was as far as they could force the turbulent flow and still have an airfoil that was useful for aircraft. There are other shapes that can maintain laminar flow for their entirety, but they don't create enough lift to be considered for aircraft. They usually possess some other nasty qualities as well that are beyond the scope of this discussion.
Anyway, when discussing the P-51's "low drag" wing, it basically was the first WWII fighter to use some of the airfoil shapes that pushed the turbulent flow further back along the top of the airfoil. The result was a wing that caused much less drag than other wings designed before it. I can't remember the actual percentage, but IIRC (don't have time to look it up), airfoil shapes that only maintain laminar flow for the first 25% or less are considered "turbulent" airfoils. If the airfoil shape can maintain laminar flow for more than 25%, they are considered "laminar" airfoils. Some laminar airfoils maintain the flow longer than others, but all are still considered laminar.
Depending on the camber, thickness, and chord length (wing width), a laminar flow airfoil can create as much or more lift than a turbulent section. It depends on the geometry of the airfoil, wing, Reynolds number--a host of other considerations.
Its late here, and perhaps another can chime in tomorrow while I'm at work. I'll check back tomorrow and try to follow up with this post.
Do a Google Search on airfoils, airfoil design, airfoil selection, etc. There are a bunch of good websites out there that explain this much better than my gross generalization above.