A coil tap means taking out a "tap" wire part-way through the windings of a pickup coil (usually about 2/3 to 3/4 of the way through, I believe). When the tap wire is connected, the remaining 1/3 (or 1/4) of the coil is shorted out, giving a lower-output, brighter tone.
It's usually done with powerful single-coils, especially P-90s. Duncan have coil-tap options on their Quarter Pound single-coils. It is possible to tap both coils of a humbucker, too, but it's very rare (Schecter used to do it on their old MonsterTone pickups).
Confusingly, people very often say "coil tap" when they mean "coil split", which is of course turning off one coil of a humbucker to get a single-coil tone.