Plain English Meaning
All of the aircraft's main radios have stopped working — the pilot cannot talk to anyone or hear anyone on the normal aviation frequencies.
Full Definition
A condition in which an aircraft can neither transmit nor receive on any of its VHF radios, resulting in total inability to communicate with air traffic control or other stations on standard VHF aviation frequencies. In the precipitation static context, it is one of the recognized symptoms caused by electrical charge buildup on the airframe that disrupts VHF radio reception and transmission.
Context Anchor
Seen in instrument flying discussions of precipitation static, especially when flying through rain, snow, crystals, or other that can build electrical charge on the aircraft.