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Intellectual property [Wikipedia] or IP is a legal term that refers to concepts or ideas, being the product of the intellect or the imagination, which have an inherent value or worth. In other words, even though intellectual property has no material representation, it is still considered to be an asset to be owned and traded.
Warhammer Online uses the Warhammer IP, which EA Mythic has licensed from Games Workshop. In a nutshell, this grants EA Mythic the exclusive right to develop and market a MMORPG set in the World of Warhammer, featuring the fantasy locations, characters and cultures that have been built up from the body of work produced over the years by the creative staff at Games Workshop.