Oxydation Reduction Potential
Loosely put, it could be a way of measuring oxygen content, but, there are so many variables to water chemistry, chemically and biologically, even good readings could have issues with oxygen content. So not entirely reliable as a way to measure oxygen content.
It is an accepted way to measure a balance between oxidizers that break down waste products and other compounds needed for the life cycle of the tank. In this balance you don't want ORP to be to high (or so pure that nothing lives), or, so low that the tank is polluted.
here is the link that was provided to me a month ago - very good reading
http://www.reefkeeping.com/issues/2003-12/rhf/feature/index.php
Pete