Exophthalmos (or proptosis) is a bulging of the eye anteriorly out of the orbit. Exophthalmos can be either bilateral (as is often seen in Grave's Disease) or unilateral (as is often seen in an orbital tumor). Measurement of the degree of exophthalmos is performed using an exophthalmometer.
In the case of Grave's Disease, the displacement of the eye is due to enlarged extraocular muscles which can be visualized by CT or MRI.
If left untreated, exophthalmos can causes the eye lids to fail to close during sleep leading to corneal damage. The process that is causing the displacement of the eye may also compress the optic nerve or ophthalmic artery leading to blindness.