The Sanskrit word 'namaste' is a common greeting which all use. The King addresses his subjects in this manner, the king addresses God in this manner, subjects address their social seniors in this manner, subjects address their social downcast members in this manner--everyone does namaste.
The word is pronounced, Namasthay.
*Another form of the word is 'Namaskaar'.
When we greet someone by saying Namaste!, we are saying, "I bow to the divine in you". This is an acknowledgment that we are all children of God, that we are made in the image of God, that we are spirit -- and that our social standing for this lifetime is temporary, but that we are respected for who we are in eternity -- spirit children of One God.
This is the preferred form of greeting in Church of the East.
When we combine the greeting with the greeting gesture of holding the palms together and lifting the finger tips to touch the sixth (brow chakra), we are symbolizing: Bringing together Yin and Yang, becoming one, we acknowledge the goal of life as being single in the spirit, becoming in union with the Spirit. There is a whole theology and way of life built into the greeting.
See the extensive treatment of 'Namaste' on the Library Preview site