ELO does not stand for anything, it is the name of the person who invented a ranking system used to rate chess players (His name was Arpad Elo). That system was adopted by a Blitz member (Umbro) for our use here. In a nutshell, everyone starts with an ELO of 2000 and your score goes up or down based on the ELO of your opponent. Playing players who are ranked below you will yield you few points if you win, and cost you many if you loss. Conversely, playing opponents with ELO ratings higher than yo costs you very few if you lose, and gives you many points if you win.
You can read more about the system and how it applies to Chess here:
http://en.wikipedia.org/wiki/Elo_rating_system
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