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Three in eight are the odds of getting exactly two heads in three coin flips. There are eight ways the three flips can end up, and you can get two heads and a tail, a head and a tail and a head, or a tail and two heads to get exactly two heads.
The opposite of getting at most two heads is getting three heads. The probability of getting three heads is (1/2)^2, which is 1/8. The probability of getting at most two heads is then 1 - 1/8 which is 7/8.
They likely represented the Rain God.
There is a 1/8 chance to land three heads.
Each toss has a 1/2 probability of getting heads. Each toss is an independent event. So three heads in a row (heads AND heads AND heads) would have a probability of:1/2 * 1/2 * 1/2 = (1/2)^3 = 1/(2^3) = 1/8 = 12.5%