There is the Ilizarov Device and the Ilizarov Technique.
Both are named after Gavriel Abramovich Ilizarov, MD (1921-1992) who originally designed a device to hold bones in place that had a complex fracture. A nice article on the accidental discovery that led to Ilizarov discovering that it could be used for lengthening is at stanford
The original Ilizarov factor
Photo: ILIZAROV WEBSITE: http://www.mdsnet.it/hi.htm
The Ilizarov device is described as two or more rings that are attached via wires and pins above and below a break in the bone. There are newer devices that lengthen using the Ilizarov technique such as the "Taylor Spatial Frame" which differs in that its support struts are not perpendicular to the rings. This gives greater flexibility in fine adjustments. (See )
In lengthening (aka distraction osteogenesis) the distance between the upper and lower rings is slowly increased over time.
Advantages of the Ilizarov device are that one can adjust for things besides just length. Rotation, angle discrepancies, etc. can be modfied. Disadvantages are a very high incidence of pin infections and reported serious complications. Because of the high complication rates others have been working on simpler external devices and internal distraction devices (see next pages coming soon)
There is a nice support group dedicated to Ilizarov wearers at http://www.ilizarov.org.uk/
(Photo of Taylor spatial frame)