Beers are either "top fermented" or "bottom fermented." Porters, ales, and stouts are top fermented and malt liquor is bottom fermented, which means the wort (the resulting brew of malt, prepared cereals like corn or rice, hops and water) is fermented by yeast of the bottom fermentation type (i.e. yeast which settles to the bottom of the fermenting tanks). Top fermenting yeast does the opposite. Malt liquor is made from a wort containing a high percentage of fermentable sugars which makes it slightly sweeter and a bit spicy in flavor and also raises the alcohol content.
http://www.straightdope.com/columns/...nd-malt-liquor