I looked it up in Wikipedia, and there is only one line there. Anyone have a more detailed description for it? Ubuntu releases their OS with this notation, but I was unable to find a detailed description over what it means/includes. I've already read the Ubuntu notation but need a more general description, not how Ubuntu has implemented it.
In the Linux World, LTS and similar terms mean that the distribution stays stable. That means: You will not get any major functional upgrades (at least none that break compatibility in any way), but you will get security enhancements. One example of this is Red Hat Enterprise Server or CentOS, which only had PHP 5.1 and were not upgraded to 5.2, yet all 5.2 security upgrades were backported.
Think of it like this: If you are writing a custom piece of Software (say, a very special Apache module) today and the company guarantees 5 year support, that means that you can be very sure that your custom software still runs in 5 years because all of the interfaces and structures will remain the same.
In the Windows World, this is not as strict but similar. Microsoft supported Windows NT 4 for 10 Years, up to middle or end of 2006. It was long obsolete by then, having been succeeded by both Windows 2000 and XP/2003, but because companies either did not want to migrate yet or had custom software that is not compatible, Microsoft provided support and (security) upgrades until then.
If you like bulleted lists, long term support means: