Here's how it works according to my limited understanding. Everything in the universe exerts a gravitational force on everything else; this force is a function of the mass of the subject (the exerter) and the distance to the object (and I imagine it ain't a linear relationship. I have no idea what the equation is, but it'll probly be along the lines of accel=mass/distance^3; someone correct me please. edit: better yet, just steal MrFish's calcs). The mass of the object here is irrelevant: a cruise ship full of overweight retirees and a baseball will -- if held at the same distance to the earth's center -- accelerate towards the earth at the same rate.
This is the reason for the apocryphal story of Galileo dropping two weights from the leaning tower of Pisa, and showing how both hit the earth at the same time.
I said the mass of the object was irrelevant; that's true, but you have to understand that the object functions as a subject as well. So, while the earth has far more mass than the moon, and the moon goes in orbit around it, the earth is being shaken around by the moon's gravity (cf., e.g., tides).
Generally, though, the gravitational measurements we play with involve such disproportionate forces that we ignore one side of the equation as insignificant (even if that cruise ship was serving fried chicken, it still wouldn't move the earth much), and indeed, Kepler's fairly accurate equations for solar orbits do not take into account the mass of the satellites.
[This message has been edited by Dinger (edited 01-29-2001).]