CBCT (core balance current transformers) - this is a type of CT that mbrooke mentioned in his post, however in a CBCT you put all three phase wires of a three phase system inside of the current transformer. This is mainly used for ground fault detection. If there are no ground faults in a three-phase system, then the summation of the three phase currents should be equal to zero. If there is a ground fault on the system, then that same summation does not equal zero, and therefore the CBCT shows a value, indicating there's a ground fault.
Pictures:
Current Transformer - you put the wire in which you're trying to measure current through that middle hole of the CT, and depending on the current going through the wire, you'll have a current flowing through the black and white wires on the upper left side. This is called the CTR, or Current Transformer Ratio. The one in this picture has a CT ratio of 100:5, meaning that if 100A of current is flowing through the wire that this is placed around, you'll see 5 amps of current flowing through the black and white wires.
Voltage Transformer - this picture shows a voltage transformer inside a substation. They work very similar to current transformers, it reads what the voltage of the line is and then steps it down to a safe voltage for the metering equipment.
Using a combination of voltage transformers and current transformers, you can calculate all sorts of things like watts, VAR's, VA's, power factor, etc. These also vital in the protection of large-scale electrical circuits.