Bugzilla is an open-source bug tracking tool written in Perl that uses a MySQL database. It provides features like advanced searching, email notifications when bug statuses change, displaying full bug change histories, tracking inter-bug dependencies, attaching files to bugs, and customizable user preferences. To use Bugzilla, it needs to be installed on a server with Perl and a database server like MySQL, and requires at least 4GB of RAM, a fast processor of 3GHz or more, and 50GB of hard disk space depending on team size and number of bugs tracked.