As pretty much everyone else has said use ID for one-off elements and class for multiple use elements.
Here is a quick, over simplified example, take HTML and HEAD tags as read
You will only have one left column
Only one main content container, but.....
You might want more than one pretty paragraph
This one is boring and unstyled
See I told you, you might need another!
Also, as mentioned in other answers ID are well exposed to javascript, classes less so. However modern javascript frameworks like jQuery leverage class for javascript too