I like Joe Z's answer. It's how I introduce polynomials as well. In the interest of other approaches and since the idea is to introduce students to polynomials, here is another thought:
Consider a geometric approach and start with squares and cubes. If we have a square with side length $3$ units, then the area is $3^{2} = 9 \mbox{ units}^{2}$. A cube with side length $3$ would have volume $3^{3} = 27 \mbox{ units}^{3}$. A next step would be to use $x$ in place of the side length to obtain $x^{2}$ and $x^{3}$ for the area and volume, respectively.
Now, we can start to tease out some rules about polynomials if we keep the units hanging around. For example, we could ask what in the world it would mean to have $x^{3} + x^{2}$. How can we add volume with area? We can't in any sensible way, and hence we must maintain $x^{3} + x^{2}$, or analagously, $27 \mbox{ units}^{3} + 9 \mbox{ units}^{2}$ --- these units don't mix.
On the other hand, if I had two squares, I could join them and have their areas add to $2x^{2}$. Or have two cubes and have their volumes add to $2x^{3}$. All the while, we would carry our units along. Then we could really do some mind bending with some computation. Ask the question, "If I had three squares, each with side length three, what would my total area be?" The answer would be $27 \mbox{ units}^{2}$. Then we compare this result with one cube of side length three. The only difference is that, while in value, both quantities are equal in dimensionality they are not --- apples and oranges.
Multiplying polynomials can be brought back to finding the area of a square or the volume of a sphere. $x$ is a polynomial of degree 1. Thus, $x\times x = x^{2}$ and $x\times x\times x = x^{3}$, but $x\times x\times x = x^{2} \times x = x^{3}$ or $x\times x\times x = x\times x^{2} = x^{3}$.
I haven't really had much occasion to offer this type of explanation, but I keep it in reserve in case the approach as outlined by Joe Z just doesn't resonate. One distinct "advantage", is that it gets students to think about dimension and units.
This allows us to bring the conversation back to simple numerical substitution. What if we had $x^{3} + x^{2}$ and were asked to substitute $x = 3$? Why is the answer $27 + 9 = 36$ a valid answer, but in the case of our square and cube, we were forced to leave it as the nonsensical $27\mbox { units}^{3} + 9\mbox{ units}^{2}$? The answer is that $x = 3$ is dimensionless, whilst $x = 3 \mbox{ units}$ is not.