Yes, it's the amount of venom required to kill P of a group of mice (in 24 hours I believe). I don't think there's a specific number of mice required for the test (but of course, the more one used the more accurate the result). Units are normally given in milligrams per kilogram, in other words, how many milligrams of (dried) venom it takes to kill P out of 1 killogram of mice (1 kg is about 30-40 mice, I don't remember if there a specific size of mouse for the test, but probably).
Remember not to go by LD50 alone when judging how dangerous a snake is. At the very least, you should consider LD50 and the average venom yield for the species. Divide the venom yield in mg by the LD50 in mg and you'll get the number of kilograms of mice that a single bite will kill (P of that actually) which is a much more useful number in comparing species. Unfortunately, it's sometimes hard to find both of these numbers for some species, and the numbers that ARE published sometimes vary significantly from one source to another.
Also keep in mind that there is a fair amount of debate (and very little hard information) about how well the LD50 in mice parallels the venom's potency against humans...sice obviously people aren't lining up to have snake venom injected into them to see how much it takes to kill them.