According to NASA a black whole is a thing: it is a frozen collapsing star.
I recall a consumer scientific magazine explaining that if earth were to pass through one of these, it would fit comfortably into a teaspoon.
http://science.nasa.gov/astrophysics...s/black-holes/
Don't let the name fool you: a black hole is anything but empty space. Rather, it is a great amount of matter packed into a very small area - think of a star ten times more massive than the Sun squeezed into a sphere approximately the diameter of New York City. The result is a gravitational field so strong that nothing, not even light, can escape. In recent years, NASA instruments have painted a new picture of these strange objects that are, to many, the most fascinating objects in space.
Most black holes form from the remnants of a large star that dies in a supernova explosion. (Smaller stars become dense neutron stars, which are not massive enough to trap light.) If the total mass of the star is large enough (about three times the mass of the Sun), it can be proven theoretically that no force can keep the star from collapsing under the influence of gravity. However, as the star collapses, a strange thing occurs. As the surface of the star nears an imaginary surface called the "event horizon," time on the star slows relative to the time kept by observers far away. When the surface reaches the event horizon, time stands still, and the star can collapse no more - it is a frozen collapsing object.
WAY COOL:
Another interesting possibility becomes available when the black hole is in a binary star system with a compact star like a neutron star or another black hole. When two black holes orbit each other, their accelerated masses directly create gravitational waves that stream away through space and carry information about the masses and strong fields that created them. Gravitational waves are waves of space curvature and may be detected by missions such as the Laser Interferometer Space Antenna (LISA) through the way they affect the geometry of space at the location of the detector. In a sense, a black hole is the mass it contains plus the intense gravitational field around it, so LISA will actually be able to "see" black holes. From these observations, astronomers will be able to study the details of the gravitational field around the black hole and measure all the parameters of the black hole - its mass, its spin, and its location in the sky.