The "frustum" is the region of a 3D scene outside of which nothing will be drawn. It is a truncated pyramid, bounded by the visibility limits of the screen on 4 sides, and by the "near" and "far" visibility limits (typically perpendicular to the view direction) which are also defined by the camera matrix.
Graphical primitives which are drawn with the 3D API are clipped to the view frustum: only the portion of a primitive which is inside the frustum will appear. Primitives which are entirely outside the frustum will not appear at all.
However, even if your primitive doesn't appear on screen, trying to draw it is not free: every primitive submitted to the hardware takes time. And, since primitives entirely outside the frustum do not appear at all, this is wasted time.
So, frustum culling is a preliminary sorting, either of primitives or (more cost-effectively) of entire objects, to determine if they are entirely outside the view frustum. When it determines that an object or primitive is outside the frustum, frustum culling saves time by not trying to draw it at all.