.5*.5*.5=1/8or.125
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It means just what it seems to -- someone tosses a coin up and you try to guess which side will be facing up when it lands. "Heads" is the side with the person's face on it and "tails" is other side.
There is no difference in sound landing heads or tails.
The probablility of getting 2 tails in 4 tosses of a fair coin is most likely 50%, 2/4=1/2, or .50.
The chance is 50%-50% that it will be heads or tails; this does not change regardless of the number of previous tosses and their results.
10 coins would be tails up.