I have been trying to study discrete mathematics for a while now. Here is one of the most important theorems (see The Art of Computer Programming, Volume 1, Page 41, Third Edition, D.E.Knuth) . The theorem is called Fermat's Theorem and states that
If p is a prime number then
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For a good proof, see Knuth's book or Fermat's Little Theorem at Wolfram MathWorld
One of the most interesting applications of this theorem is the RSA algorithm. RSA is used quite extensively in public/private key based cryptosystems.
Checkout the RSA article on Wikipedia
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