Simply, "The Magisterium" is nothing other than the Church teaching us, that is what the Church does. The Church was established by Christ to teach us how to get to heaven. What "The Magisterium" is not, is the Church's hierarchy, nor is "The Magisterium" the saints, theologians, Fathers, Doctors, etc..
The Ordinary magisterium is the daily exercise on the part of the Church, of instructing and guiding us, telling us what we must believe, teaching us Catholic doctrine. This teaching is infallible only when it echoes or agrees with the Universal Magisterium and/or the decrees of the Extraordinary Magisterium.
The Universal Magisterium is infallible, these are those teachings which "
Catholic theologians, with a "universal and constant consent", regard as being of the faith;" as Pope Pius IX teaches in
Tuas Libenter. Here, it is important to understand what "universal" and what "constant" means.
"Universal" means "in time as well as space". It means those teachings which the Church has taught always and everywhere. "Universal" does not mean a current unanimity of the hierarchy, or of the theologians, or Doctors, or the bishops in council or scattered throughout the world, etc..
"Constant" means "since the time of the Apostles".
The Church's Solemn or Extraordinary Magisterium is when the Church, with an unusual gesture, such as through a Council or through an ex-cathedra statement by the pope teaches us.
We're bound no less by either the Ordinary, Universal or the Extraordinary Magisterium. No less because what we're bound by is Catholic truth, it does not matter the method, it is the matter, i.e. the truth that always binds us, not always the method.
Roman Theo posted a good explanation
here.