The classic Victorian palm bears many names -- Areca palm, Butterfly palm, even the scientific name sometimes gets swapped for Dypsis Lutescens. This specimen stands a meter and a half tall, and really jungles the room you place it in. Multiple stems grow from the base and spout into arcing fronds, whose leaflets flitter and bend in the breeze.
Light: Palms need half-sun -- without some direct sunlight during the day, the plant will yellow and suffer; but without some shade to cool off, the plant will go crispy and burn. In the back corner of a south-facing room, or standing in an east or west facing window, is the best spot.
Water: Let the top of the compost go dry to the touch in between waterings. Every week in the spring and summer, give it a thorough drenching, and then let it stand in the water for a few hours to drink up all that it wants. Then dump the rest.
Humidity: This plant prefers humid spaces. The simplest way is to give it a misting every few days, or every day if it's particularly hot.