It means you have one note repeated in the bass, often with harmonic and melodic motion on top of it. Usually the pedal tone is a "common tone" among the harmonies above it. Check out the bass line to "jump" by Van Halen.
Jazzin', that's a good example of a pedal tone in one application. A lot of bass players will pedal the fifth in a jazz tune, it adds a lot of tension. But the term "pedal" refers to a much broader musical tool. Oh and I said that it's "usually" a common tone, so you can have harmonies over the pedal that don't contain the pedal note.