There are various ways to die, but the end result is always the same, you will respawn at the bindstone you are bound to with low health and mana.
Your last death location will be visible on map and you have 2 hours to get your stuff back before the grave despawns.
Beware that your grave can be looted by another player before you get back to it.
When you are on the death’s door, you can be either ganked or resurrected by another player with the Gank and Revive skills respectively, that every player has from the start. If you know that there is no one to get you up you can press SPACE to end the wait (after the bar has filled about a quarter).
Dying in water results in getting instantly ganked, so if you die while swimming do not expect to get revived.