WIKI for the win:
Echoic memory is one of the 
sensory memory  registers; a component of sensory memory (SM) that is specific to  retaining auditory information. The sensory memory for sounds that  people have just perceived is the form of echoic memory.[SUP]
[1][/SUP]  Unlike visual memory, in which our eyes can scan the stimuli over and  over, the auditory stimuli cannot be scanned over and over. Overall,  echoic memories are stored for slightly longer periods of time than 
iconic memories (visual memories).[SUP]
[2][/SUP]  Auditory stimuli is received by the ear one at a time before it can be  processed and understood. For instance, hearing the radio is very  different from reading a magazine. A person can only hear the radio once  at a given time, while the magazine can be read over and over again. It  can be said that the echoic memory is like a "holding tank" concept,  because a sound is unprocessed (or held back) until the following sound  is heard, then only can it be made meaningful.[SUP]
[3][/SUP]
This  particular sensory store is capable of storing large amounts of  auditory information that is only retained for a short period of time  (3–4 seconds). This echoic sound resonates in the mind and is replayed  for this brief amount of time shortly after the presentation of auditory  stimuli.[SUP]
[4][/SUP]  Echoic memory encrypts only moderately primitive aspects of the  stimuli, for example pitch, which specifies localization to the non  association brain regions.[SUP]
[5][/SUP]