There are 3 possible statuses for your products: published, draft, and archived.
Here's a brief description of each.
Published
These are products that are active and available on your fan page. They can be purchased by any fan who visits your fan page.
Draft
These products don't show up on your fan page. You can always set a published product back to draft...this will hide it on the fan page. Draft mode makes it easy for you to set up your product, when you're not quite ready to publish it yet. It's an effective way to queue up your ideas before hitting publish.
Archive
Archived products, like drafts, don't appear on the fan page. The only real difference between archived products and drafts is they're organized separately on your dashboard. We do this to help you focus on your "active" products. Archived products can always be edited and unarchived.
Another important thing to note is you can not "delete" a product. We do this so that fans who have purchased products can ALWAYS access that product, even when the status is archived or draft. If you no longer want to see your product, we recommend you archive it.