The following description is bogus. That it, this is not ``really'' what intrinsic angular momentum is all about; but it is possible to understand it in ``common sense'' terms, so we can use it as a mnemonic technique. Many concepts are introduced this sort of ``cheating'' until students get comfortable enough with them to define them rigourously. (The truth about spin, like much of QM, can never be made to seem sensible; it can only be gotten used to!)
 
 Imagine a big fuzzy ball of mass spinning about an axis.  
 While you're at it, imagine some electric charge sprinkled in, 
 a certain amount of charge for every little bit of mass.  
 (If you like, you can think of a cloud of particles, 
 each of which has the same charge-to-mass ratio, 
 all orbiting about a common axis.)  
 Each little mass element contributes a bit of angular momentum 
 and a proportional bit of magnetic moment, so that 
  
  
 (summed over all the mass elements) and, as for a single 
 particle,  
 (constant)
.  
 If the charge-to-mass ratio happens to be the same as for 
 an  electron, then  (constant) 
 
,  
 the Bohr magneton.
Now imagine that, like a figure skater pulling in her/his arms 
to spin faster, the little bits of charge and mass collapse 
together, making  r  smaller everywhere.  To conserve 
angular momentum (which is  always conserved!) 
the momentum  p  has to get bigger - the bits must spin faster.  
The relationship between  L  and 
 
is such that 
 
also remains constant as this happens.
Eventually the constituents can shrink down to a point spinning infinitely fast. Obviously we get into a bit of trouble here with both relativity and quantum mechanics; nevertheless, this is (sort of) how we think (privately) of an electron: although we have never been able to find any evidence for ``bits'' within an electron, we are able to rationalize its possession of an irreducible, intrinsic angular momentum (or ``spin'') in this way.
Such  intrinsic angular momentum is  a property 
of the particle itself as well as a dynamical variable 
that behaves just like orbital angular momentum.  
It is given a special label (
 
instead of 
) 
just to emphasize its difference.  
Like 
, it is 
 quantized  -  i.e. it only 
comes integer  multiples of a fundamental quantum of 
intrinsic angular momentum - but (here comes the weird part!) 
that quantum can be either 
, 
as for 
, 
or  
!
In the following,   s   is the ``spin quantum number'' 
analogous to the ``orbital quantum number''  
  
such that the spin angular momentum  
  
has a magnitude  
 \
and a  z  component  
  
where 
 
is the chosen spin quantization axis.  
The magnetic quantum number for spin 
 
has only two possible values, spin ``up'' 
(
) and spin ``down'' 
(
).  
This is the explanation of the Stern-Gerlach result 
for silver atoms: with no orbital angular momentum 
at all, the Ag atoms have a single ``extra'' electron 
whose spin determines their overall angular momentum 
and magnetic moment.