"or does it refer to a photo of a fast moving object transferred to the card?"
If you are trying to photograph a fast moving object, the primary thing that allows that is the camera's shutter speed, like 1/1000 or 1/4000 (second). To support the camera shooting that fast, it is helpful to have a lens with a relatively wide open aperture (low f-stop number) and also a camera that can shoot with a relatively high ISO number and still keep the color noise tolerable. Most modern cameras can do that to some extent. Also, in the technique category, it is helpful to be able to pan the shot (swing the camera as the target moves across the field laterally), and there are some support items that can help that. There are ways for a strobe flash to freeze action also.
Instead, some shooters prefer to hold the camera more stationary and to simply fire continuously. They let the target "walk in" to the frame, and one of them will be the perfect image. Some modern cameras can handle large continuous shooting rates, and they have large buffers to hold lots of shots until they can be written to the memory card. A few cameras can be shot continuously at a high rate (JPEG format) and write fast enough that they are virtually unlimited until you fill the CF card.
It just depends on what you want to do.