Hydrothermal vents are formed where two oceanic plates pull apart and erupting lava replaces the sea floor.

In these areas, extremely hot, mineral-rich fluid flows out from underneath the ocean floor's surface. The hot fluid flows into very cold water, usually 2 C, and cools down quickly. The cooled minerals in the fluid settle around the vent opening creating chimney-like formations. Some chimneys have been known to grow as tall as 6 kilometers!

Cold seeps are areas similar to hydrothermal vents. Though the cold seep waters are about the same temperature as the surrounding waters, they are called cold seeps in contrast to the extremely hot fluids from hydrothermal vents. The cold seeps support organisms similar to the hydrothermal vents though the exact make-up of the biological community surrounding them depends on the chemicals, such as hydrogen sulfide, methane, iron, manganese and silica, found in the cold-seep fluid.

Information provided by: http://www.onr.navy.mil