Literaly translated it means "three baskets", and it refers to Buddhist cannon. I have also seen it refered to as the "Tipitika," but this seems to be the more common spelling. The parts of the Buddhist cannon are:
  • The Basket of Discipline
    This deals with the conduct of monks and nuns.
  • The Basket of Discourses
    This is comentary from The Buddha on various topics.
  • The Basket of Doctrine
    This spells out the philosophy behind the religion.