JTAG is a powerful tool to debug low level software. Your beaglebone is equipped with a built-in JTAG emulator providing connectivity over the same USB cable that powers the board, eliminating the need to buy expensive JTAG debugging hardware.
Code Composer Studio is a popular debugger based on eclipse that provides you with a complete IDE experience.
These are simple instructions to get Code Composer Studio v5.1 up and running with your beaglebone.