What does the command "sudo !!" mean?

From the bash manual:

9.3.1 Event Designators

!! - Refer to the previous command. This is a synonym for ‘!-1’.

And from the sudo man page:

sudo allows a permitted user to execute a command as the superuser or another user, as specified in the sudoers file.

So, sudo !! means to execute the previous command as the superuser.

The double exclamation point "!!" is used to recall the last line entered into a shell. sudo is shorthand for "Super User DO" and is used when you want to execute a function with super user privileges.

So if I executed

./foobar

but then remembered I needed super user privelages, one could simply type

sudo !!

rather than typingsudo ./foobar all the way out. This is particularly useful when your last command was on the order of dozens of characters.