What does "real time" mean?

May be...

I was watching one of those PS3 vs. 360 comparison videos and the caption said that the video was done in real time. what does that mean? that someone was just playing the game not a rendered vid?

yeah it is not in a pre rendered video it is happening as you see it

No everyone else is wrong, real time means that 1 minute in the video is equivalent to 1 minute in real life.

Real time .. means it was recorded live and not edited .. that it was recorded in "real time" vs edited content

Yes. It means the same as it being live.

Guess.