A 'Collaborator' is any Box.net user with a folder that mirrors onto multiple Box.net accounts (this is accomplished by clicking on the little blue box with the white downward arrow shown next to the folder and selecting 'Invite Collaborators'). If a file is placed in a collaboration folder, that file will then appear in the folders of all current collaborators.
A 'Guest' is a customized username and password that anyone can use to access the account of a current Box.net user (Business Only). Visitors can log in from the Box.net homepage with the created username and password and access a restricted version of the owner's account. Based on the settings of the Guest, the visitor's access can be limited to the contents of a specific folder and its subfolders as well as restricted to a preset access privilege (Upload Only, Download Only and etc).
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