Plain English Meaning
It is the airspeed shown on the cockpit gauge after fixing small errors caused by the gauge itself and where the sensors are mounted on the aircraft. It is a more accurate version of what the airspeed indicator shows.
Full Definition
Calibrated Airspeed (CAS) is indicated airspeed corrected for instrument error and position error (also called installation error). It represents the airspeed the pitot-static system would read if the sensing equipment and its mounting position introduced no errors. CAS equals true airspeed in standard atmosphere at .