AB/DL stands for Adult Baby/Diaper Lover and involve two types of people: those who enjoy regression play (acting like an adult baby) and those who enjoy wearing diapers (whether for medical reasons or preferential reasons). Adult Babies almost always are DLs too. It is important to note that not all people who wear diapers are diaper lovers—some people wear diapers out of medical necessity and it can be a negative experience.
An Adult Baby is someone who enjoys regressing to their younger years and acting accordingly. They wear diapers, use bottles, nurse on pacifiers, play in play pens, etc. Through this regression, they often feel a sense of security and love which makes them more comfortable.
When roleplaying an Adult Baby in Second Life, players conformant with Second Life rules will not play as if they are actually that age, but as if though they are regressing. To play an underage character is to ageplay, a bannable offense.
For some, yes, but for many, no. Sexual play with diapers and regression play can be very fun, but many people simply enjoy the comfort of regressing or the joy of wearing diapers. One should not assume a sexual interest simply because someone identifies as an AB/DL.