WordPress MU

I am new hosting and wordpress mu and all and i have no clue what to do for chmod 777.
I get this message:

Warning!

One or more of the directories must be made writeable by the webserver. You will be reminded to reset the permissions at the end of the install.
Please chmod 777 "directory-name" or chown that directory to the user the web server runs as (usually nobody, apache, or www-data)
Refresh this page when you're done!

I can't make any since out of it. Can anyone please help me.

Change the permissions on that folder just long enough to install.

Go back to GoDaddy's knowledgebase, look for "how to change folder permissions".