They also regulate the current.
Any time a lamp produces light by passing electricity through a gas (all fluorescents and halide lamps do this),the amount of current would rise until it catastrophically failed if some sort of current limiting was not in place, so the ballast keeps the proper amount of current (175w for a 175w bulb, etc) flowing.
But it also provides that starting kick just like Reef said. It's usually many times the voltage that comes out of a wall outlet... depending on the system, it can be hundreds to a thousand volts or more... :scared: