Yes, LCDs do have a refresh rate (although some sources say that they don't). The way it measured is vertical and horizontal megahertz. The vertical refresh rate is measured in Hz (as is the horizontal). Hertz is a wavelength, not a bandwidth (although in many situations, they are the same).
Increasing your refresh rate can reduce strain on your eyes.
Hertz is one way of saying 'x times a second'. So, 60 Hertz is kind of a way of saying 60 times a second.
I would advice first checking your video card and monitor manuals.
So vertical 60 Hz mean the screen is refreshed (or re-drawn) 60 times a second in all the vertical rows.
(kinda drunk so me not explain good....)