Just to complement several good answers, someone very wise once told me that you should always be prepared to explain what you are doing, in any amount of time.
She demonstrated that by giving surprise tours of her lab to visiting professors, where each "student" would have a few seconds to explain the gist of the work. If the work was interesting to the professor, you would have more time, even a "real" meeting.
In practice, start by trying to summarize what you do in one short sentence. Then a couple more, and go on... I find that is easier to go top-down than bottom-up, but either way works fine...
Also, never assume the person is familiar with your vocabulary/terms. Keep it simple at first, getting technical down the way...
I know it sound weird, but once you get used to idea, it is easy and works...