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when some one says their engine is Blue Printed what does that mean?

When you have something blueprinted and balanced it means that the manuafactor or the engine has a set limit on tolerances in the engine. Lets say a stock factory piston can be 10 grams +/- the other pistons. When you blueprint and balance them you make the tolerences much less like maybe 1 gram +/-. Usually engines that are blueprinted and balanced run cooler with even temperatures, have lower egts, will have better gas mileage, and best of all make more torque and power.

Blueprinted engine:
http://members.iconn.net/~bobsauto/tech_talk.htm

http://www.custompistols.com/cars/articles/balanced.htm

The above links should clear things up for you