In early stages of development PowerShell had code name 'Monad'. For some time later it was referred to as “Microsoft Shel” thus using different extension for script files - .msh Currently Microsoft supports two versions of PowerShell - v1 and v2. Both versions use same extension - .ps1, and located in same path - %windir%\system32\WindowsPowerShell\v1.0\. Version 2.0 is latest and available for following operating systems: Windows XP SP2+, Windows 2003, Windows Vista, Windows 2008, Windows 7, Windows 2008 R2.
Since its release PowerShell got quite a big adoption in a Microsoft products and in products of other vendors. There is also many extensions for PowerShell that written by the community.
It is possible to create different custom hosting engines for PowerShell. Two such engines are provided with PowerShell: console host (powershell.exe) and scripting environment (PowerShell ISE). There is also some other shells built by different companies or community activists. Documentation for creating your own host can be found here.
There are a vast amounts of information for learning Windows PowerShell. You can start from this hubs:
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