This paper presents an investigation on the structure of conditional events and on the probability measures which arise naturally in this context. In particular we introduce a construction which defines a (finite) {\em Boolean algebra of conditionals} from any (finite) Boolean algebra of events. By doing so we distinguish the properties of conditional events which depend on probability and those which are intrinsic to the logico-algebraic structure of conditionals. Our main result provides a way to regard standard two-place conditional probabilities as one-place probability functions on conditional events. We also consider a logical counterpart of our Boolean algebras of conditionals with links to preferential consequence relations for non-monotonic reasoning. The overall framework of this paper provides a novel perspective on the rich interplay between logic and probability in the representation of conditional knowledge.