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During the ordering of Azeroth, the Titans created three temples throughout the newly reformed Azeroth: Uldaman, Uldum, and Ulduar. However, before their departure, two Old Gods broke free of their imprisonment. They were known as Fa'sceath and Shu'kra, the twin Gods of corruption. Before they could cause chaos throughout the world, the Titans quickly shackled them and placed them in a new temple / prison called Ulderon.
As the Old Gods were imprisoned in Ulderon, they had their powers neutralized by the Titans. However, with the two of them imprisoned so close to each other, they needed a watcher to stay behind and guard the Gods of Corruption.
Ulderon is not exactly a continent. Rather, it is a massive fortress that the Titans made of living metal. After Ulderon was made, the Titans found one of their experiments thriving on an island to the south of Kalimdor. They decided that they would land Ulderon and merge it with that island. The Azotha came to Ulderon and became loyal guardians of the place. They worshipped the Titans until the Curse of Flesh arrived there. More than half of the Azotha were changed, and were forced to leave Ulderon. The other half, who kept their metallic, remained in Ulderon, and guarded the city.
When the Well of Eternity exploded, Ulderon's fail-safe shielded the land from the violent catastrophe. It sank the remains of the continent into deep water for the next 10,000 years. Everything remained exactly the way it was.
When Deathwing the Destroyer breaks out of Deepholm, Calderon is slowly forced back to the surface. Still, the continent was damaged in the cataclysm, but it will hold. But, with the bindings of the two Old Gods shattered, the Alliance and Horde will face another threat.