You have a concrete example of a Student and a MessageBoard. The Student registers by adding itself to the list of Observers that want to be notified when a new Message is posted to the MessageBoard. When a Message is added to the MessageBoard, it iterates over its list of Observers and notifies them that the event occurred.
Think Twitter. When you say you want to follow someone, Twitter adds you to their follower list. When they sent a new tweet in, you see it in your input. In that case, your Twitter account is the Observer and the person you’re following is the Observable.
The analogy might not be perfect, because Twitter is more likely to be a Mediator. But it illustrates the point.