Meaning
お o- is an exalted prefix. It shows respect for the individual or object to whom it pertains. ご go- plays a similar role, being attached to a separate group of words as explained below. Both お o- and ご go- can be written as 御.
Translation
There is no equivalent in English. In translation it is either dropped, or (when appropriate) translated as your, etc.
Usage
お o- can be applied to nouns, na-adjectives, i-adjectives, and verbs.
Because お o is exalted, it is not used on or about the speaker. For example,
- お元気 ですか。 O-genki desu ka?
is the formal way of asking "How are you." The normal response is
- 元気 です。 Genki desu.
In the first example, person A is exalting person B by placing the exalted prefix お o- in front of the word 
Note that お o- is usually only applied to words of Japanese origin, and most Sino-Japanese words take the honorific prefix 
Examples
Words that commonly use お o- or 
Nouns
- お茶 o-cha "tea"
- お水 o-mizu "water"
- お仕事 o-shigoto "job"
- お家 o-uchi "home"
- お部屋 o-heya "room"
- お父 さん otousan "father"
- お母 さん okaasan "mother"
- お兄 さん oniisan "older brother"
- お姉 さん oneesan "older sister"
- お祖父 さん ojiisan "grandfather"
- お祖母 さん obaasan "grandmother"
- お子 さん o-ko-san "child"
- ご主人 go-shujin "master/husband (of the person who is spoken to)"
- ご飯 go-han "meal or (cooked) rice"
Na-Adjectives
- お元気 o-genki "healthy"
- お好 き o-suki "liked"
I-Adjectives
- お早 い o-hayai "early"
Verbs
- お入 り o-hairi "Please enter."
- お座 り o-suwari "Please sit."