Cock rings can be for just looks, or to improve sex. They do not always make you walk around half-hard, as was suggested.
They come in various styles, and different fits. According to the style and fit, the can just be a sort of jewelry, can enahnce the package, or can enhance and help maintain an erection during sex. There are even medical cock rings, designed for people with erectile problems, who cannot otherwise sustain an erection.
The basic types are:
1) Straps, usually with adjustment snaps or sometimes adjuasment buckles. These are often made of leather, although I have rubber ones, too. Some of these are so-called "chubbies," which have thick padding inside. They come in various widths.
2) Neoprene rings. These are stretchy rings made of a strip of garment-grade neoprene, which have been wrapped and glued into a ring shape. They are different from O-rings (below). They come in various inside diameters and thicknesses. While not very pretty looking, these are some of my favorites. They are easy to put on, quite comfortable, and enhance the package.
3) "Jellies" or "Gummy Rings" These are very stretchy molded rings made out of silicone rubber or similar elastic material. They can be worn as a cock ring around the cock and balls, but I ususally just put them on my shaft. Worn in this way, they are tight enough to cause the penis to plump up a bit, but not get hard.
4) Rubber 0-rings. These are rubber rings with much less stretch than the ones described above, although some are more elastic than others. They can be worn around the cock and balls, or just the shaft. The range in thickness from under 1/8 to about 1/4 inch, and come in a great variety of diameters. Because they are thin, they do little to "lift" your package, but if they are snug, they may plump you a bit. If very tight, they can cause or enahance erection or girth, although the effect varies between individuals. For the inexperienced, rubber O-rings are to be recommended over metal ones, because tre rubber ring is cheap and easy to cut off if you are having trouble getting out of it.
5) Thin metal rings. These are similar to the rubber tings, except are made of metal. As such, they do not stretch at all. This makes them harder to put on if they are put over the cock and balls. When used as a shaft ring, the lack of stretch makes them more effective than rubber. But, if you put on one which is too small, or swell up too big, they can be hard to get off, and are not easilly cut. Beware that some companies sell very badly made versions of these rings. Good quality rings, made as cockrings, have an absolutely smooth surface, with no sharp burrs or seam to snag you. Some vendors sell hardware-store type rings, which often have burrs on the inside, or a sharp edge at the seam. These can be uncomfortable at best, and wound you at worst.
6) Thick metal rings. These are thicker than the rings above, and are generally worn as cock rings over the cock and balls, not as shaft rings. The come in various diameters, thicknesses, and widths. While the thin rings are basically a round wire bent into a loop, the cross section of the thick rings is often oval or eliptical, allowing them to be wider than thick. The thinnest ones are perhaps 1/16 thick by 3/16 wide, while the heavyweight ones can be 3/8 thick by almost an inch wide. Some of these can be quite heavy-- I have ones weighting several pounds. They are often made of chrome-plated brass, but sometimes the plating flakes off of these, so I suggest surgical stainless steel. If you don't like the weight (I do), there are lightweight ones of aluminum or titanium. I also have some that are metal core, but coated with rubber (I don't think you can buy these, as I made them myself). These come in many sizes (inside diameter) so the fit can vary greatly, according to what you are looking for. The widest ones will lift you package even if so loose as to cause no plumping. Sometimes I like to wear a very heavy one, not tight, just to feel the weight of it pull on me as I go about my daily activities. A loose ring of this type is often worn more for ornamentation than any erection-enhancement function. However, many people can't keep such a heavy ring on- It just works it way off under its own weight. Again, be very carefull of getting stuck in one that is too tight! While a thin metal ring can be removed with bolt cutters in an absolute emergency, some heavy rings defy such removal. These can be quite expensive, with good, heavy ones costing up to $40 or more.
7) Medical Rings. These are used, sometimes in combination with pumps, to combat erectile disfunction. They are generally a very tight elastic rubber ring, with tabs at the sides that allow it to be stretched out to get it in place over the penis shaft. These can be very tight and painful, look dorky, and I do not suggest them if you don't really need them.
8 ) Three-way rings (ball splitters). These are made of either three metal rings welded together, or of several connected leather/rubber straps. In addition to acting as a cock ring, they also seperate your balls. I've never been able to get one of the metal ones on, and don't like the feel of the strap type, but some people love them. An English Cock Cage is a related device, with a metal cock ring and leather ball strap combined.
9) Ball Stretchers. While not really cock rings, there are some some rings and straps that can be used as either a cock ring or a ball stretcher. A ball stretecher is a wide strap or metal ring, which fits around the upper part of the scrotum, between the penis and balls.
10) Special Purpose Rings. There are various special pupose rings, such as the cock rings attached to leather harnesses, rings that secure cock restraining devices, etc.
When putting on any ring, lubricate it first. This will not only make it easier to put on, but will eliminate much of the pulling and also snagging of hair. You can use sex lube, but I prefer ordinary skin creams or lotions. Never keep a tight ring on too long, and never fall asleep in a tight ring!
Cock rings can be obtained in a variety of places. In my expericnce sex stores that cater to S/M or gay customers generally have the best selections. Some good vendors, with which I have experience with either their retail or online stores, are listed below. Look under Cock and Ball toys on their sites. Some place leather and metal in different listings.
http://www.mr-s-leather-fetters.com/
http://www.665leather.com/
http://www.leathermasters.com/
http://www.stockroom.com/
http://www.theleatherman.com (Alas, the website shows only a tiny faction of what is in the NYC retail store.)