It is the ratio of the rifling to every inch of the barrel. For example, 1:7 means, there is one complete turn of rifiling for 7 inches of barrel, Look down the barrel and you will see what I am talking about. This is the same for 1:9, 1:12 etc. More rifling means a faster spin on the round as it leaves the barrel, thus producing more stability in flight. Some bullets weigh more, so more rifiling would be required to stabilize it in flight.
Hoddie.