Rust is the reddish-brown stuff that forms over time on metal that's gotten wet. Your dad's beat-up old car probably has some rust on it somewhere.
If you leave your bike out overnight in the rain, it'll be fine — you can dry it off the next day. If you leave it out for several rainy weeks, though, your bike will end up with rust on it. Rust appears as brown spots where the combination of water and oxygen has coated the metal with a compound that chemists call an oxide. Rust, which is also a verb, comes from a Germanic root meaning "redness."