| A computer process which is not limited by the speed of the processor or CPU; but rather of getting the data in and out. For example, web surfing on a modem is usually an I/O bound process: most of the time is spent waiting for the data to come down the modem, rather than processing the data in the CPU.
It's important to understand this to repel the FUD that's put out there by some companies, such as Intel; who claim that by upgrading your processor to a Pentium III, it will speed up your Web browsing. This is known in the industry as bullshit. At best, at best, mind you, it will have a minor effect.
Other examples of I/O bound processes are: most things involving the network, copying large files and more.
The opposite of an I/O bound process is a CPU bound process. | 
