Aspirin is an analgesic, meaning a drug that alleviates pain without affecting consciousness. It is most commonly used for headaches, muscle pain, arthritis, and fever reduction. Only recently, following the work of John Vane Ph.D., has aspirin been recognized as a cardiological drug.
It is commonly thought that aspirin hinders prostaglandin production and thus reduces inflammation and pain. Prostaglandin affect the flow of blood platelets, which are key in blood clotting. If plaque tears inside a coronary artery, clotting begins at the site. This can cause cardiac arrest or a myocardial infarction. Today doctors can prescribe aspirin to patients with a history of heart disease, and dramatically reduce that person's risk of a second event.
As far as it's use as an analgesic, aspirin has many alternatives. Ibuprofen is one of the most common, and is marketed under such names as Motrin IB and Advil. Ibuprofen is non-steroidal anti-inflammatory drug (NSAID) just as aspirin is. It has many of the same applications as aspirin. Acetaminophen is just as common as aspirin or ibuprofen, and is marketed most commonly as Tylenol. Acetaminophen does not carry the same side effects as aspirin or ibuprofen, so is generally safer for a wider percentage of the population.
Aspirin has many side effects that acetaminophen and other pain relievers do not. It can induce gastro-intestinal discomfort if taken in large enough doses. In children and adolescents aspirin can cause Reye's syndrome if taken while the child is infected with a virus like chicken pox or influenza.
There are also more specialized drugs for headaches and arthritis, including ketoprofen (Orudis KT) and naproxen sodium (Aleve).
In the future aspirin may become a common place drug in the fight against cardiovascular disease. It's value as preventive medicine for healthy people is already gaining ground in the U.S. If we keep finding new uses for aspirin, it might just stay around for another hundred years.