Source : WordNet®

Monte Carlo
     n : a town and popular resort in the principality of Monaco;
         world-famous for its gambling casino

Source : Free On-Line Dictionary of Computing

Monte Carlo
     
        (After Monte Carlo, Monaco - a notorious gambling mecca) Any
        one of various methods involving statistical techniques, such
        as the use of random samples, to finding the solutions to
        mathematical or physical problems.
     
        For example, to calculate pi, generate random points in the
        square (x, y) = ([0-1], [0-1]) and find the proportion for
        which x^2 + y^2 < 1, i.e. which lie within a quadant of a
        circle with radius 1.  Since the area of the square is 1 and
        the area of the quadrant is pi/4, the proportion in the
        quadrant should be pi/4.
     
        (1995-02-23)