what is the pancreas and what is it's function in the body?

Answer 1

Pancreas creates insulin and glucagon.

Insulin helps the body use up excess sugar in the bloodstream.
Glucagon helps the body release sugar back into the bloodstream.

Answer 2

2 main functions
1) Digestion - releases enzymes such as lipase and others that break down fats and proteins from food in the intestine
2) Glucose regulation - Insulin lowers sugar, glucose keeps it up.

There are a few other enzymes/hormones, but those are the majors. In pancreatitis, the pancreas gets inflamed, and if severe enough, the enzymes have nowhere to go, and autodigest the pancreas.