Stands for the "Institute of Electrical and Electronics Engineers" (pronounced "eye-triple-ee"). It's a nonprofit organization dedicated to advancing electronic technology. They set standards for electronic equipment in the form of IEEE #'s. For example, the IEEE 802 LAN/MAN standards specify standards for Ethernet and wireless devices (such as range, frequency, stuff like that).
Did you hear about the new IEEE standard?/ You mean the IEEE 802.12? We now finally have a standard for wireless devices and services.