Physical meaning of the null space of a matrix
If $A$ is your matrix, the null-space is simply put, the set of all vectors $v$ such that $A \cdot v = 0$. It's good to think of the matrix as a linear transformation; if you let $h(v) = A \cdot v$, then the null-space is again the set of all vectors that are sent to the zero vector by $h$. Think of this as the set of vectors that lose their identity as $h$ is applied to them.
Note that the null-space is equivalently the set of solutions to the homogeneous equation $A \cdot v = 0$.
Nullity is the complement to the rank of a matrix. They are both really important; here is a similar question on the rank of a matrix, you can find some nice answers why there.
This is an answer I got from my own question, it's pretty awesome!
Let's suppose that the matrix A represents a physical system. As an example, let's assume our system is a rocket, and A is a matrix representing the directions we can go based on our thrusters. So what do the null space and the column space represent?
Well let's suppose we have a direction that we're interested in. Is it in our column space? If so, then we can move in that direction. The column space is the set of directions that we can achieve based on our thrusters. Let's suppose that we have three thrusters equally spaced around our rocket. If they're all perfectly functional then we can move in any direction. In this case our column space is the entire range. But what happens when a thruster breaks? Now we've only got two thrusters. Our linear system will have changed (the matrix A will be different), and our column space will be reduced.
What's the null space? The null space are the set of thruster intructions that completely waste fuel. They're the set of instructions where our thrusters will thrust, but the direction will not be changed at all.
Another example: Perhaps A can represent a rate of return on investments. The range are all the rates of return that are achievable. The null space are all the investments that can be made that wouldn't change the rate of return at all.
Another example: room illumination. The range of A represents the area of the room that can be illuminated. The null space of A represents the power we can apply to lamps that don't change the illumination in the room at all.
-- NicNic8