Intranet
A network based on TCP/IP protocols (an internet) belonging to an organization, usually a corporation, accessible only by the organization's members, employees, or others with authorization. An intranet's websites look and act just like any other website, but the firewall surrounding an intranet fends off unauthorized access.

Like the Internet itself, intranets are used to share information. Secure intranets are now the fastest-growing segment of the Internet because they are much less expensive to build and manage than private networks based on proprietary protocols. (Webopedia)

Extranet
A buzzword that refers to an intranet that is partially accessible to authorized outsiders. Whereas an intranet resides behind a firewall and is accessible only to people who are members of the same company or organization, an extranet provides various levels of accessibility to outsiders. You can access an extranet only if you have a valid username and password, and your identity determines which parts of the extranet you can view. Extranets are becoming a very popular means for business partners to exchange information. (Webopedia)

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