If a number is to the third power, it means that the number is multiplied by itself three times. for example x to the third (x^3) is x times x times x (x*x*x).

Yes it is kind of like it is squared. Only you multiply the number times is self two times instead of only one time when you square it. For example 2 squared is 2 x 2 = 4. 2 to the third power is 2 x 2 x 2 = 8.