What is log shipping?

Can we do logshipping with SQL Server 7.0 - Logshipping is a new feature of SQL Server 2000. We should have two SQL Server - Enterprise Editions. From Enterprise Manager we can configure the logshipping. In logshipping the transactional log file from one server is automatically updated into the backup database on the other server. If one server fails, the other server will have the same db and we can use this as the DR (disaster recovery) plan.