A lap time would be the time that you were able to complete a full revolution around a set course. An example would be a race track like Laguna Seca where people take their bikes to test their skills and the bikes capability.
Um, yeah... What's your point? What I'm assuming, is that NCB has some laptimes at some track he frequents, which he can compare to after all the mods were done with his bike. I consider laptimes to be a much truer benchmark of how mods affect a bike, as they take suspension and breaks into account, not just straightline power... Assuming the rider hasn't dramatically improved in the interim.