A web address component is a part of a website's URL, which stands for Uniform Resource Locator. The most common component is the 'DOT', which is a three-letter abbreviation that indicates the type of website. For example, '.com' indicates a commercial website, '.org' indicates an organization, and '.edu' indicates an educational institution. Other components include the protocol (e.g. 'http://'), the domain name (e.g. 'example.com'), and the path (e.g. '/index.html'). All of these components are necessary for a web browser to locate and display a website.