What should i do with my cell phone while studying abroad?

i have a verizon cell phone, and i want to take it with me for my 3 monthes in australia, more so to communicate with the people i meet there rather than communicating with people in the US. i know that international service can grow to be Very expensive, what would be the best way to do this? can i call and switch my location or something? i have a "World phone" ? what does that mean?