Pharmacists can work in the lab (like testing new drugs, drug development, research), in the hospital, and work in outpatient pharmacy (like CVS). Its a very general question, akin to "what does a doctor do?" Wiki has a pretty solid explanation http://en.wikipedia.org/wiki/Pharmacist</body></html>
Most pharmacists work in retail settings (like CVS, as Akshat said above). The day-to-day duties involve filling prescriptions, counseling patients on their medication use, answering their questions (as well as some questions from physicians), and maintaining the pharmacy inventory.
There are lots of other fields that pharmacists work in. There's also IV homecare, nursing home consulting, and managed care (health insurance), and these duties are very different.