The volume of water it takes to cover an acre of land (43,560 square feet) to a depth of one foot. This is just a shade under 326,000 gallons!
When irrigating a field, soil pores fill with water. When this water drains away, smaller pores remain filled with water, while larger (macro) pores end up filled with a mixture of water and air. This state is referred to as field capacity (Cc). Aeration capacity is simply a volume fraction of air-filled pores in soil at field capacity.