It is initializing. That is what it means. Usually the red LED light turns off and the screen comes up with the hourglass eventually loading the OS to get you to the Home Screen.
If it does not stop and the red LED light stays on, it means that the BlackBerry is stuck in the initialization procedure. That is by no means something good. Indicates possible water damage? Can be anything.
Ya as shink said to add now.. Pull the battery out and look at it is there an indicator with x's or is it all red ? If its red its water damage .. If not try looking in the how to under how to recover a dead blackberry should help you
Posted from my CrackBerry at wapforums.crackberry.com