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This is the URL to a server you wish to update. The idea with Outbound Messaging is that once an event in SFDC occurs, you can send a message containing the desired fields from SFDC to another system. This system can then parse this message and update it's local data.
Here are two great articles showing you how to setup an Outbound Message listener.
Java: http://wiki.apexdevnet.com/index.php/Creating_an_Outbound_Messaging_Notification_Service_in_Java
.NET: http://wiki.apexdevnet.com/index.php/Creating_an_Outbound_Messaging_Notification_Service_with_CSharp_and_.Net_Framework_2.0
Best,
Sati

Thank you very much