Plain English Meaning
The pipes and muffler that carry hot, burned gases out of the engine and away from the airplane. On many small planes, some of that heat is also tapped to warm the cabin and to keep the carburetor from icing up.
Full Definition
The set of components on a piston aircraft engine that collects burned gases from the cylinders and routes them safely overboard. It typically includes exhaust manifolds or stacks, a muffler, and a tailpipe. On many light aircraft, it also incorporates a heat exchanger (shroud) around part of the exhaust to provide cabin heat and carburetor heat.