No problem, your welcome!
Root is a term from the Linux would, it gives similar rights as administrator in Windows.
Basically gives you the user access to system files which means you can run root only apps (Stickmount, Sixaxis, Titanium Backup). Also you can edit system files, uninstall system apps and do nandroid back ups with CWM or TWRP recovery. A nandroid back is a copy of the the whole system including your apps and configuration, with custom recoveries like CWM & TWRP you can also flash custom kernels and custom ROM's.
Hope that helps.