No, it doesn't mean anything - a site is "on" the world wide web if your browser can connect to it using one of the methods ("protocols") that it knows, the most famous of which is that "http" you see in front of the address.

You want a quick history lesson? Before the web took over, computers (servers) would open themselves up publicly to the world only in very specific ways. A machine dedicated to transferring files, for instance, might be ftp.mahalo.com - ftp is the "file transfer protocol". Similarly the machine dedicated to mail is "mail.mahalo.com" or possibly "smtp.mahalo.com" (for "send mail transfer protocol"). In the early days, the web was just one of many ways a machine could make itself available, and thus you would say "www" to specify that this was the machine to connect to for web things.

However, this was always just a rule of thumb, not any kind of mandate. So these days you'll see various "third level domains" like maybe "login.mahalo.com" or "blog.shakespearegeek.com" or others, but really they mean the same general thing -- the person who maintains the domain wants to subdivide that area in a way that makes it easier for the user to get around.

(Behind the scenes, the "web servers" are programmed to recognize the incoming requests and behave accordingly - so for instance my server might see "www.shakespearegeek.com" and send the person to a regular homepage, but if they came in on "blog.shakespearegeek.com", even though it might hit the same physical machine, would go straight to the blog).

Source(s):
Been there since the beginning :), when if you wanted to access a machine you had to know its IP address :). Remember gopher? Ah, the good old days.

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