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In computer context, it would most likely mean Intel 386 (the 80386 CPU). It's commonly taken to refer to 32 bit 386 Protected Mode operation which means a CPU can run 32 bit Windows. So in some circumstances it can also imply later CPUs which are backwards compatible with this 386 capability.
If you give more of the context of your question, we can answer more accurately.
I was mainly referring to the phrase itself. I have seen it in C:\WINDOWS\I386 and mentioned in a few other places. Both your answers provided me with the information i need, unless theres more to know
Manufacturer:HP Pavilion 061 CPU:Intel Pentium 4 640, 3200 MHz (16 x 200) RAM: 1024MB Motherboard:Asus PTGD1-LA Chipset:Intel Grantsdale i915P HDD:Main256GB Ext512GB Video:Radeon X600 Series Internet:DSL 2mb/s OS:Windows XP Home Edition SP3 Firefox+IExplorer AVG Internet Security