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People confuse organic search rankings with Google Toolbar PageRank AND with a page's "actual" PageRank.
Organic rankings, as chrishirst pointed out, at Google are being updated non-stop 24 hrs per day, 365 days per week.
Actual PageRank is also constantly being updated at Google. Unfortunately you have no way of knowing what a page's "actual" PageRank is. It is never shown. This is the version of PageRank that is used as one ranking factor for a URL. But because it's just 1 ranking factor, it makes very little difference in a URLs organic rankings for a particular keyword.
The Google Toolbar PageRank is simply a snapshot of the "actual" PageRank from some point in time (no one knows, but generally weeks before a toolbar PR update). This version of PageRank is simply a scaling of the actual PR but it's already weeks out of date when it is published. This PageRank is NOT used for ranking pages, only as a way to see trends in your link popularity. They used to publish these Google Toolbar PageRank updates about once per quarter, but they seem to have been doing it more frequently over the last year or so.
The "google dance" is simply constant shifting of rankings for a given URL which could be caused by lots of things... different data centers for instance. It used to happen a lot when URLs were bouncing in and out of the supplemental index.
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