This Hubble photo is of a small portion of one of the largest-seen star-birth regions in the galaxy, the Carina Nebula. Towers of cool hydrogen laced with dust rise from the wall of the nebula. The pillar is also being pushed apart from within, as infant stars buried inside it fire off jets of gas that can be seen streaming from towering peaks.
The much larger image shown below was released in 2007 to celebrate the 17th anniversary of the launch of the Hubble Space Telescope:
...a 50-light-year-wide view of the central region of the Carina Nebula where a maelstrom of star birth — and death — is taking place. This image is a mosaic of the Carina Nebula assembled from 48 frames taken with Hubble's Advanced Camera for Surveys. The Hubble images were taken in the light of neutral hydrogen during March and July 2005. Color information was added with data taken in December 2001 and March 2003 at the Cerro Tololo Inter-American Observatory in Chile. Red corresponds to sulfur, green to hydrogen, and blue to oxygen emission.
If you are trying to locate the Pillars and Jets within the larger image, you can zoom the photo here. Take a look in the upper right quadrant.