What does it mean RACK PRICE?
The previous answer is correct, but you should almost NEVER pay the rack price. That price is what the hotel owners would charge in their dreams. They might get it for some special event, but other than that, the real price will be much lower, if you ask for a lower price or use a booking service or discounter.
Always check what price you can get through the three big online booking services, orbitz.com., expedia.com, and travelocity.com. Also, I like to use Hotwire.com, which won't tell you the name of the specific hotel until AFTER you book. They just tell you the price, the location (near the airport, downtown, or whatever), the class (star rating) and the amenities, like whether there is a pool, whether breakfast is included, etc. Because they don't tell you the name until after you book, it doesn't work if you are set on a specific hotel, but if you just need a good hotel in, say, Chicago or Miami Beach, you can get really good deals from them.
In addition to the online services above, you should think about whether you qualify for any other discounts. Many hotels give discounts to AAA or CAA members, to people over 62 or 65, to people who work for the government or are in the military, and to some other groups. If you qualify for one of those discounts, be sure to check what that price is.
Just don't pay the rack rate, unless you are booking the hotel for Super Bowl weekend, or the Kentucky Derby, or something else like that.
Good luck, and I hope this helps.