here is an explination I found on the web:
The expression "lactic acid" is used most commonly by athletes to describe the intense pain felt during exhaustive exercise, especially in events like the 400 metres and 800 metres. When energy is required to perform exercise it is supplied from the breakdown of Adenosine Triphosphate (ATP). The body has a limited store of about 85 grms of ATP and would use it up very quickly if we did not have ways of resynthesising it. There are three systems that produce energy to resynthesise ATP: ATP-PC, lactic acid and aerobic.
The lactic acid system is capable of releasing energy to resynthesise ATP without the involvement of oxygen and is called anaerobic glycolysis. Glycolysis (breakdown of carbohydrates) results in the formation of pyruvic acid and hydrogens ions (H+). A build up of H+ will make the muscle cells acidic and interfere with their operation so carrier molecules, called nicotinamide adenine dinucleotide (NAD+), remove the H+. The NAD+ is reduced to NADH which deposit the H+ at the electron transport gate (ETC) in the mitrochondria to be combined with oxygen to form water (H2O).
If there is insufficient oxygen then NADH cannot release the H+ and they build up in the cell. To prevent the rise in acidity pyruvic acid accepts H+ forming lactic acid which then dissociates into lactate and H+. Some of the lactate diffuses into the blood stream and takes some H+ with it as a way of reducing the H+ concentration in the muscle cell. The normal pH of the muscle cell is 7.1 but if the build up of H+ continues and pH is reduced to around 6.5 then muscle contraction may be impaired and the low pH will stimulate the free nerve endings in the muscle resulting in the perception of pain (the burn). This point is often measured as the lactic threshold or anaerobic threshold or onset of blood lactate accumulation (OBLA).
find the whole text at:
http://www.brianmac.demon.co.uk/lactic.htm