Not sure what that group is, but the 'O' stands for Orthogonal and indicates that orthogonal matrices make up the group. The 'd' is most probably the dimension of the group, and the R could indicate that the entries of the matrices are taken from the reals.
As for the division, that's how you form a quotient group: by 'dividing' one group by another. It's really a modulus: the group A/B is the group A modulo the action of B. What this means is pretty simple. You take an element of A and act on it with each element of B. This forms a set of numbers, \{ab|\forall b \in B\}, called a coset. Now, do this for each a \in A. Then you get a group of cosets. Each coset is now an element of the group A/B. You've modded out by the group B in that you've 'removed' its action. You've done this by taking elements that differ by B's action and calling them one element -- the coset.
To offer a nice example, consider how you construct the group Z_2, the group of two integers, 0 and 1 mod2. Start with the additive group of integers, Z. Next take the additive group of all even integers, 2Z. Now, just form the quotient group: Z/2Z. You've modded out by the action of adding an even number each element of Z. Even numbers remain even numbers when you add an even number, and odd remain odd. And so there are only 2 elements of the group Z_2: an even element (really the coset of all even numbers, represented by just a single element), 0, and an odd element, 1.