The geoid is the shape that the surface of the oceans would take under the influence of Earth's gravitation and rotation alone, in the absence of other influences such as winds and tides. All points on that surface have the same scalar potential—there is no difference in potential energy between any two.
Specifically, the geoid is the equipotential surface that would coincide with the mean ocean surface of the Earth if the oceans and atmosphere were in equilibrium, at rest relative to the rotating Earth, and extended through the continents (such as with very narrow canals).
http://www.ngs.noaa.gov/GEOID/">The Official NGS GEOID http://en.wikipedia.org/wiki/Geoid">Geoid