No, it means it might, with a probability of 0.1
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There is a 10% chance of any form of water falling from the sky.
There needs to be a location as well as a time interval. A statement such as "there is a 40% chance that it will rain in Yourtown over the 12 hours starting at sunrise tomorrow" means that if you consider a whole lot of days like tomorrow - with the same sort of weather as you experienced over the last few days - then in 4 days out of 10 (40%), it will rain tomorrow. Just to complicate matters, the statement does not distinguish between there being a 40% probability that it will rain non-stop or that it will rain briefly.
No because 1 out of 10 is 10%
A forecast that says, for instance, "there is a 10% chance of rain tomorrow," means that on 10 out of 100 days with weather conditions very similar to the conditions expected tomorrow, at least a trace of train has occurred. Some will disagree with this answer for various reasons. For the results of research that evaluated how understanding of percentage chance of precipitation varies around the world, see "A 30% Chance of Rain Tomorrow: How Does the Public Understand Probabilistic Weather Forecasts?," available as a PDF file via the URL http://www.mpib-berlin.mpg.de/en/mitarbeiter/gigerenzer/pdfs/RainFinal.pdf .
If you mean percent then 10% as a decimal is 0.1