Location in the brain: The hippocampus is the part of the brain that is involved in memory formation, orgainizing, and storing information. The hippocampus is located in the limbic system structure of the brain. The limbic system is in control of forming new memories and connecting emotions, and senses.
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Function: The hippocampus is involved in many different functions of the body including: Consolidation of New Memories, Emotional Responses, Navigation, and Spatial Orientation. Also, the hippocampus acts as a memory indexer by sending memories out to a certain part of the cerebral hemisphere for long term storage, and retaining them when necessary.
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What could happen if it no longer worked properly: If the hippocampus part of the brain stoped working suddenly, the consolidation of gaining new memories would end, navigation within the brain would be off, and spatial orientation would no longer occur in the brain. In the long run, if the hippocampus no longer worked properly one would not be able to remember something that just occurred, but would be able to remember something that occurred a long time ago. The long term memories would now be in the cortex.
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picture source: neuroskeptic.blogspot.com

3 interesting facts about the hippocampus:
  1. The hippocampus functions as a memory "gateway" through which new memories must pass before entering permanent storage in the brain
  2. Hippocampal damage can result in anterograde amnesia, which is the loss of the ability to form new memories, but older memories stay safe
  3. It is also sometimes damaged in diseases, such as herpes, and is one of the first brain areas to show damage in Alzheimer's disease.
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