There are 15 levels of prestige, each of which end at 50, as you said. Once you hit level 50, you can 'prestige,' which will reset all your classes and take away anything you've already unlocked so you can do it all again. Basically do this 15 times and each time you get a new emblem to show what level of prestige you're on.
It gives other players an idea of how long you've been playing - but keep in mind that prestige level has very little to do with actual skill... well, neither does Call of Duty, but my point is that there are prestige level 15 players who are absolute garbage and prestige 1 players who can dominate any lobby they walk into.
Also, since you're new, I'll give you a word of advice: find a nice corner, plant some claymores and let the morons come to you. They'll whine and complain about your camping, but then you have to ask yourself, would you rather be the camper, or the neanderthal getting camped on?
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