Well, this was a fairly easy question, especially because we just learned about carbonation. It's also exciting, because I can finally answer a question with mostly prior knowledge. First of all, soda fizzes because of the common gas called carbon dioxide. To create the fizz, Pepsi, Coke, Sprite, and all soda manufacturers squeeze big amounts of carbon dioxide and water (mixed with other materials to create the flavor) into a can at high pressures, thus creating the fizz.
When the can/bottle is closed, there are barely any bubbles, so there is no fizz, because the gas particles are all compressed together at such a high pressure that they can't move and are fully dissolved in the liquid, comparable to the particles of a solid, which is very different from how gas usually behaves. Like all gas particles, when the pressure of the soda is released by opening the can, they burst out at a high speed and now freely travel through the open air.
The potential energy stored inside the soda from the pressure is now converted into the kinetic energy that causes the soda to burst out. This kinetic energy overpowers the force that is preventing the carbon dioxide and the liquid from separating, and the carbon dioxides exits the mixture, leaving the soda safe to drink. This is why you hear the "sss" sound after opening a can of soda. When you shake the soda, the molecules jump around the bottle, gaining more energy to burst after the soda is opened. That is why you get a huge explosion after shaking a can of soda and opening it. So, it's probably better not to shake a can of soda before drinking it, unless you want soda to drip on your clothes and skin.
Also, when you pour out a newly opened can of soda into a cup, you see that the fizz is rising to the rim of the cup, and then vaporizes in the air. That's why the soda tastes bad until the fizz leaves the cup. Blowing the cup doesn't help speed up the process of vaporization. Believe me, I've tried it before. In addition, adding ice cubes to the cup doesn't speed the process up, because it only adds more fizz, since it releases the dissolved gas.
Reading all of this science-y stuff can get a little confusing, but you can try it out for yourself by experimenting with soda. Although, you probably want to back away quickly if you're going to shake the bottle of soda and open it. For those of you who don't like science much, I hope that reading this will show you that science can be fun!!!
I got my information from:
http://www.letusfindout.com/why-does-soda-fizz/
http://www.livescience.com/mysteries/061010_soda_fizz.html
http://www.answers.com/topic/what-makes-soda-pop-fizz
http://wiki.answers.com/Q/Why_does_soda_pop_fizz_when_opened