I'm sure that most SE companies have similar alorythms but Google's "special secret sauce" of around 200 individual factors is what makes it's search results (arguably) the best.
I am assuming that Stanford owns the patent because the research was done by Brin and Page when they were graduate students using the university's resources there, and before the company was incorporated.
sidebar: for an interesting read on the background of Google's success, get a copy of "The Search" by John Battelle
As to whether or not Google can extend the exclusive license, I'm not really sure how these things work. There might be some US ant-trust regulations against that. Maybe some legal eagles here will know.
More about the PageRank patent
http://en.wikipedia.org/wiki/PageRank
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