general explaination since the base ideas are the same:
DLP
a DLP 'chip' is actually a sheet of tiny mirrors (thousands of them) a light shines at them and they reflect it towards the lens. The individual mirrors can pivot (each mirror is a pixel basically) and can turn away from the lens, or towards it (pixel on or off).
Color is generated by a color wheel with a red, green and blue section that rotates at a high speed. it flashes the red part of the image, then the green, then the blue, then the red, etc, etc, etc.
The major downside to DLP's is since they can only ever display one color at a time (unless its a really expensive unit which has 3 seperate 'chips', one for each color) is that it will 'rainbow'. If something moves across the screen quickly you'll see the individual seperated colors trail behind it.
LCD technology works by passing light through 3 glass panels. A red, a green and a blue. Each panel can turn on and off the pixels to either permit or block light. Older units would have whats called a 'screen door' effect where you could see empty spaces between pixels when you got real close to the image and its like looking through the wire mesh of a screen door.
DLP's tend to be lighter, LCD's a little weightier, but LCD's can have a shorter throw for front projection. Older LCD's can 'trail' an image but are brighter, DLP's have slightly better contrast.