As vehelpfulguy's link explains, it stands for Media Access Control and is as close as a computer gets to a serial number. It can be changed, so it's not exactly a serial number. Also, if you have multiple network devices on your computer, each will have a MAC address.
To find out what yours is, click Start... Run and in the box that pops up, type cmd and click OK.
An old fashioned DOS window will open up. Type "ipconfig /all" not including the inverted commas. In the stuff that appears, your MAC address will be the Physical Address. If you have multiple networking devices, I think your main MAC address will be the one belonging to the device that you connect to the network (internet) with.