Slots are the amount of available places for players. Most gaming servers have a predefined amount of slots and thus a fixed maximum amount of players at any given time.
In case of Minecraft the amount of players is heavily tied into the amount of RAM a server has available. So a cheap server will have the bare minimum assigned to it (512MB, which is enough to support 1 to 10 people) and it goes up from there. Prices vary a lot though.
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The Oddworld Wiki
When one person suffers from a delusion it is called insanity. When many people suffer from a delusion it is called religion.
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