Taken from C# 3.0 Nutshell book, by Joseph Albahari
A ManualResetEvent is a variation on AutoResetEvent. It differs in that it doesn't automatically reset after a thread is let through on a WaitOne call, and so functions like a gate: calling Set opens the gate, allowing any number of threads that WaitOne at the gate through; calling Reset closes the gate, causing, potentially, a queue of waiters to accumulate until its next opened.
One could simulate this functionality with a boolean "gateOpen" field (declared with the volatile keyword) in combination with "spin-sleeping" – repeatedly checking the flag, and then sleeping for a short period of time.
ManualResetEvents are sometimes used to signal that a particular operation is complete, or that a thread's completed initialization and is ready to perform work.