Most often used as a reference to the American Flag. The flag consists of thirteen alternating red and white stripes, and fifty white stars on a field of blue in the upper left hand corner. The stripes are a symbol of the original thirteen colonies which declared independence from British rule, and the stars represent the current 50 states.
Can also refer to any other pattern of stripes and stars that is placed upon other products such as shirts, jackets, bikinis, and sporting goods. Often used by Americans as a blatant display of patriotism.