The "I'm Feeling Lucky" button takes you instantly to the first search result returned for any query. For instance, if I type in "cheese" I go straight to cheese.com, if I type in "Nike" I go straight to the Nike corporate site, etc. It's basically a shortcut so you can bypass the search engine results page.
Google's I'm Feeling Lucky Button
By Wendy Boswell, About.com Guide
If you've ever visited the Google home page, then you'll have seen a button right under the search bar titled "I'm Feeling Lucky."
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