nodules are common - up to 40-50% of patients may have one on ultrasound - 5-10% however are cancer and may need needle biopsy.
Nodules on the thyroid are benign 95% of the time. The ultrasound will be used to attempt to determine if the nodules are cystic (fluid filled), solid, or complex (mixed solid and fluid), if there is any calcification, and if there is a vascular structure supporting them.
Here's a good reference:
http://www.endocrineweb.com/nodule.html
If there is any suspicion about a nodule your doctor may decide to have a FNA (fine needle aspiration/biopsy) done of the nodule to look at the cells and/or an uptake scan (small amount of radiated iodine is given to the patient to see if the nodules are either "hot" - producing excess amounts of thyroid hormones, "warm" producing thyroid hormones, or "cold" not hormone producing).
Of course the results of each test will narrow the field of possibilities as whether to treat, remove, or watch the nodules.
Hope this helps. The ultrasound is painless and relatively quick. Let us know how it turns out.