According to Cisco, Layer 3 switches are basically routers that switch based on Layer 3 information, the basic difference being processing speed and/or the way they do the switching; Layer 3 switches use ASICs/hardware instead of the CPU/software that a router would.
Switch | Railroad switch | switch | railroad switch | DIP switch | Union Switch & Signal | BBC Switch | Network switch | Flick of the Switch | Switch (house DJ) | Switch and Data | Strowger switch | Class 5 telephone switch | Cisco Inter-Switch Link | Apple Switch ad campaign | 4ESS switch | 1ESS switch | Voice-operated switch | Versatile Multilayer Disc | Takeoff/Go-around switch | Switch (UK TV series) | Switch statement | Switch (INXS album) | Switch (debit card) | SP-1 switch | Kill Switch...Klick | kill switch | Internet kill switch | Harris Switch Tower | Grinder's Switch |