Im thinking of getting an ipad, and lets say i lost it somewhere, is there some sort of a thing that can be done to track it so i can recover it?

Yep, when you first start it up, that'll be one of the things it takes you through.

It runs off iCloud, as xXAn0nym0usXx said it goes through it during setup. Only issues with it is, it only works when connected to internet. ie: your WiFi iPad will not show you that I'm driving back to Canada with your iPad. Also if someone restores is it'll wipe that off.

All the tracking can be done with an App called 'Find My iPhone' from another iOS device or using www.icloud.com on any computer.