Cisco ASDM explanation

Ok, can you folks take a look at this screen shot and just give me a layman explanation of what the listed rule means?

http://www.cascadegym.com/cisco1.bmp

I've had NO formal training in the Cisco environment yet and I'm just trying to get a grasp on the basic interface until I have the opportunity to get such training.

Thanks a ton!
TVB

permit http traffic from the host at 172.16.0.10 to host 192.168.1.12. This acl assumes that 192.168.1.12 has a tcp listener for http services. The standard tcp http port is 80 unless it has been redefined.