The Java documentation says:
It is not possible for two invocations of synchronized methods on the same object to interleave.
What does this mean for a static method? Since a static method has no associated object, will the synchronized keyword lock on the class, instead of the object?
Just to add a little detail to Oscar's (pleasingly succinct!) answer, the relevant section on the Java Language Specification is 8.4.3.6, 'synchronized Methods':
A synchronized method acquires a monitor (§17.1) before it executes. For a class (static) method, the monitor associated with the Class object for the method's class is used. For an instance method, the monitor associated with this (the object for which the method was invoked) is used.