"Real" serial ports use the EIA-RS232 standard of +/-12v volts which allows quite long cables. Lots of embedded gear uses the TTL logic levels of 0/5v, as this is much simpler but can only be run a metre or so. Sometimes you can cheat and connect TTL outputs to an RS232 input, even though this violates the RS332 spec. I wouldn't recommend going the other way and connecting 12v to a defenceless uC expecting 5v, though.
The reason for the use of 12v and -12v is noise immunity---5v serial lines only work over short distances before the noise overwhelms the signal, while RS232 can run up to 10m or more.
Traditionally the line drivers/receivers used to convert TTL to RS232 require +/- 12V power. This is the main reason there is a -12v line on a PC power supply. For 5v only systems, the Maxim MAX232 is the defacto standard for RS232 interfacing--this chip uses capacitor charge-pumps to generate +/- 12v from a single 5v supply.
If you aren't up to building a MAX232 interfacing circuit you can buy one pre-built from futurlec for about $5: http://futurlec.com/Mini_RS232_TTL_5V.shtml
I can provide a work-alike single-sided PCB layout for a TTL<->RS232 converter, if anyone is interested, as I built one a while ago to use when prototyping serial interfaced projects.