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DAV stands for "Distributed Authoring and Versioning." RFC 2518 defines a set of concepts and accompanying extension methods to HTTP 1.1 that make the Web a more universal read/write medium. The basic idea is that a WebDAV-compliant web server can act like a generic file server; clients can "mount" shared folders over HTTP that behave much like other network filesystems (such as NFS or SMB).
The tragedy, though, is that despite the acronym, the RFC specification doesn’t actually describe any sort of version control. Basic WebDAV clients and servers assume that only one version of each file or directory exists and that it can be repeatedly overwritten.