Phospholipase C (PLC) is an enzyme that plays a critical role in cellular signal transduction by hydrolyzing phosphatidylinositol 4,5-bisphosphate (PIP2) to generate two second messengers, inositol trisphosphate (IP3) and diacylglycerol (DAG). These messengers are pivotal in regulating various cellular processes, including calcium release from the endoplasmic reticulum and activation of protein kinase C (PKC).