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How does a playoff in the World Chess Championships work?

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Relevant answers:

Who is the world chess championship now?
Viswanathan Anand , the 'Tiger of Madras' , is the current World Chess Champion .
What was the prize for World Chess Championship 1972?
$125,000 (5/8 to the winner, 3/8 to the loser) and 30% of the proceeds from television and film rights, 30% of the box-office receipts.
Who won the 15th world chess championship?
Viswanathan Anand
First Indian to win world chess championship?
Viswanathan Anand became the first world chess champion in 2007. He defeated Russian opponent Vladimir Kramnik. He has won it in 2008 and will try to defend in again in 2010.
Do the FIDE conduct world chess championship every year?
No...FIDE conducts the World Chess Championship every two years. The World Chess Championship has been undisputed since 2006; the complications of unifying the previously fractured world championship...