Hit me with your best shot.
I'm a sucker for details. Most people don't get half of what I say.
You asked for it...
Ok, here's the simplified version:
With CDMA each transmitter sends out a signal that's been "encrypted" with a unique key so that no transmitters in the world would never have the same key(1). When you bind to the receiver, the transmitter and receiver agree on the same unique key, so they can understand eachother. However, no other receiver in the world would understand it. It would just look like backgrund noise to them. Now, this encoding has another interesting property. You see, the codes are worked out such that even if two transmitters happen to be on the same frequency, the receivers can still recreate the signal from their transmitter by applying their encryption key. Why this is requires a bit of pretty deep math to explain, but it has to do with the fact that the signal just looks like noise unless you have the right key.
Another interesting thing about CDMA is that you spread out the signal over a much larger frequency band, which is great for resiliency against interference. Let's say your signal occupies 10MHz and some nasty bastard transmits another strong signal that occupies 5MHz in the middle of that spectrum. At that point, you've lost 50% of your signal and you're probably toast. Now, let's assume instead you spread it out over 100MHz. A 5MHz wide interference would only destroy 5% of your signal, and you'd have 95% left. And that's most likely enough for the clever software in the receiver to "guess" the remaining 5% and perfectly recreate this signal. Coincidentally, this spreading out over a larger frequency band is exactly what frequency hopping does. Signal processing nerds would say that CDMA (or DSSS) does it in the "time domain" and frequency hopping (FHSS) does it in the frequency domain. But the end result it EXACTLY the same (although FHSS is much easier to understand).
So, in summary, CDMA does two things for you:
1) Give your signal a unique "signature" that is only understood by the receiver and distinguisable even if someone else is transmitting on the same frequency.
2) Spread out the energy of the signal over a large frequency band, thus making it more resilient to interference.
Remarks
(1) - At least it's extremely unlikely, you'd have to have trillions of trillions of transmitters for it to be even remotely likely.