A noun phrase plays the role of a noun.

In a noun phrase, the modifiers can come

before or after the noun.

Note: A noun phrase can also be headed by a pronoun. For example:

 the dog with fleas
(This is a noun phrase headed by a noun.)
 the one with fleas
(This is a noun phrase headed by a pronoun.)
Examples of Noun Phrases
In normal writing, nouns nearly always feature in noun phrases. It is rare to find a
noun functioning by itself (i.e., without any modifiers) in a sentence.
 Man proposes, but God disposes. (German canon Thomas a Kempis)
(This example features two nouns without any modifiers. That's rare. In other
words, there are no noun phrases in this example.)
In real life, it is far more common for nouns to feature in noun phrases, i..e, to be
accompanied by modifiers. Here is a list of noun phrases. In this list, every noun
phrase consists of a head noun (highlighted) and at least one modifier.
 People: the soldier, my cousin, dopey Alan, the lawyer with the big nose
 Animals: that aardvark, one rat, a shark, funny Mickey
 Places: the house in the corner, inner London, dirty factory, no shelter
 Things: this table, our London Bridge, the sharp chisel, that nitrogen,
last month, an inch, her cooking
 Ideas: utter confusion, some kindness, your faith, the Theory of Relativity,
a joy
So, a noun with any sort of modifier (even it's just "a" or "the") is a noun phrase.

The Function of Noun Phrases

Like any noun, a noun phrase can function as a subject, an object, or
a complement within a sentence. In each example below, the noun phrase is in bold
and the head noun is highlighted.
 Singing in the bath relaxes me.
(Here, the noun phrase is the subject of the verb "relaxes.")
 I know the back streets.
(Here, the noun phrase is the direct object of the verb "know.")
 She was the devil in disguise.
(Here, the noun phrase is a subject complement following the linking
verb "was.")
As most nouns feature in noun phrases, let's look quickly at the definition for
"phrase":
Definition of "Phrase"

A phrase has at least two words and functions as one part of speech.
It follows therefore that a noun phrase functions as a noun in a sentence. We can
test this because we know that a noun can be replaced by
a pronoun (e.g., he, she, it, them). Looking at the examples above, we can replace
each noun phrase with a pronoun.
 It relaxes me.
 I know them.
 She was him.
Here are some real-life examples of noun phrases as subjects, objects, and
complements:
 This man has a nice smile, but he's got iron teeth. (Soviet Foreign Minister
Andrei Gromyko on Mikhail Gorbachev)
("This man" is the subject of the verb "has." The phrase "a nice smile" is
the direct object of "has." The noun phrase "iron teeth" is the direct object of
the verb "got." Here's the "pronoun test": He has one, but he's got them.)
 I never learned from a man who agreed with me. (Science-fiction writer
Robert Heinlein)
(The noun phrase "a man who agreed with me" is the object of the
preposition "from." Here's the "pronoun test": I never learned from him.)
 Every man of courage is a man of his word. (French dramatist Pierre
Corneille)
("Every man of courage" is the subject of the verb "is." The noun phrase "a
man of his word" is a subject complement following the linking verb "is."
Here's the "pronoun test": He is one.)
It can get complicated. It's not unusual for nouns and noun phrases to be embedded
within noun phrases. Looking at the last example, "courage" and "word" are both
nouns, but they are not the head nouns of the phrases. They are both objects of the
preposition "of," sitting in prepositional phrases that modify the head nouns.Read
more about prepositional phrases.

More Examples of Noun Phrases

Noun phrases are extremely common. Remember that a noun with any sort of
modifier (including just a number or an article) is a noun phrase. Here are some
more examples of noun phrases:
 The best defense against the atom bomb is not to be there when it goes
off. (Anon)
(In this example, there is a noun phrase within a noun phrase. The noun
phrase "the atom bomb" is the object of the preposition "against."
The prepositional phrase "against the atom bomb" modifies "defense.")
 I don't have a bank account, because I don't know my mother's
maiden name. (Paula Poundstone)
(In this example, both noun phrases are direct objects.)
 The best car safety device is a rear-view mirror with a cop in it. (Dudley
Moore, 1935-2002)
(In this example, the first noun phrase is the subject, and the second is
a subject complement.)
 Only two things are infinite, the universe and human stupidity, and I'm
not sure about the former. (Physicist Albert Einstein, 1879-1955)
The last thing to say about noun phrases is that they can be headed by pronouns as
well as nouns, and they can be quite long.
 Anybody who wants the presidency so much that he'll spend two years
organizing and campaigning for it is not to be trusted with the office.
(Journalist David Broder)
(Here, "anybody" is a pronoun. The rest of the noun phrase is an adjective
clause modifying the head "noun." Here's the "pronoun test": He is not to be
trusted with the office.)

Why Noun Phrases Are Important

Most native English speakers can form noun phrases without giving the grammar a
second thought. So, if the truth be told, understanding how they function isn't
particularly useful unless you're required to teach them or to compare them with
similar structures in a foreign language you're learning.

That said though, there is a common issue associated with noun phrases.

When a noun phrase is the subject of a verb,

ensure subject-verb agreement with the head
noun.
 The Spitfire's 9-yard belt of bullets give us the term "the full nine yards." 
(The head noun in this noun phrase is "belt." All the other words in the noun
phrase are modifiers. As "belt" is singular, the verb "give" is wrong. It should
be "gives.")
 The Spitfire's 9-yard belt of bullets gives us the term "the full nine
yards." 
Do not be tricked into agreeing the verb with the nearest noun (here, "bullets").
When a noun phrase is the subject of a verb, the head noun governs the verb.Read
more about subject-verb agreement.

Key Point
 When a noun phrase is the subject of a verb, don't let the modifiers divert your eye from the head
noun as it must govern the verb.