In most denominations, ordination refers to the process of being officially recognized and established by an ecclesiastical authority like an elder, a bishop, or a cardinal to be a minister. Given the independent nature of most baptist churches, it's unclear who is doing the ordination and what it means.
According to an article on one of the ABC-USA's regional websites, "ordination is the process that a church enters to affirm the calling, giftedness, and service of the candidate, ordination cannot be detached from a place of service," and it is "a public affirmation of what God has already done."
The article, as well as the SBC FAQ, says that ordination is done by each local congregation, and each congregation decides for itself what the requirements and prerequisites are, and may or may not consult other churches before doing so. Some don't even require ordination of its pastors.
I have sat on an ordination counsel (as a layman) for an American Baptist Church. While other things that have been said are true, there is realistically a few more things, at least for that region at that time.
- Education. At least a Masters of Divinity at a recognized seminary.
- A character check based on people who know the candidate.
- A written document explaining your beliefs -- to see if they are generally compatible with the denomination (for Baptists that can be pretty wide).
- A question and answer time with the candidate.
- A frank discussion with the candidate out of the room as to how ready they are.