Well, in the game it's referred to "delay," not DAS, but it's the same idea.
DAS/Delay: When you hold down the "move left" button, it'll move once right away. Then, it will wait x milliseconds (DAS/delay). Then, it will start moving again (autorepeat). The smaller x is, the less time it will take to get to the autorepeat phase. Less DAS is faster, but more slippery. It's usually not worth the extra speed if it's causing you to misdrop.
Autorepeat: After the DAS phase is over, if you continue to hold down "move left," then the piece will move one column at a time until it hits the wall. The faster the autorepeat, the less delay there is between each column transition. The fastest setting instantly moves the piece from it's current position to the wall.
The units (numbers you see by the slider) don't refer to actual milliseconds of delay or anything like that. It's roughly a normalized scale of the range of selection the game allows you.