What is bootstrapping?

I keep seeing "bootstrapping" mentioned in discussions of application development. It seems both widespread and important, but I've yet to come across even a poor explanation of what bootstrapping actually is; rather, it seems as though everyone is just supposed to know what it means. I don't, though. Near as I can figure, it has something to do with initialization tasks required of an application upon launch, but I could be completely wrong about that. Can anyone help me to understand this idea?