The O-Rings are so commonly used is down to the wide range of materials they can be made from. The majority of o rings are made from elastomers, which are a type of elastic polymer, but there are a huge variety of these elastomers available, each with different strengths, weaknesses and tolerances. The application that the o ring is destined for will determine which type of material is most suitable, for example:
As you can see, for pretty much any application you can think of, there will be an o ring which can handle that environment. This means they are useful in a huge range of applications, from appliances found around the home to gigantic machines used in manufacturing and even in the space shuttle!
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