Camber is the angle of the wheel as measured at the face of the spokes.
Most any race car (aside from oval track cars) will run negative camber ... the top of the wheel tipped toward the center of the car. This is due to suspension movement in corners.
Ideally, you want the tire tread on the loaded tire (outside) to be 100% flat on the asphalt in a given corner. With 0º camber the profile of the tire gives 100% contact when traveling straight, which is great for straight line grip. But, when the suspension is loaded to one side, that profile changes and normally moves the wheel in to a positive camber state. The is referred to as camber gain, or dynamic camber. So, you set the static (resting) camber to a negative value, so when it increases in a corner it ends up much closer to 0º.
On the other side of the car, the opposite is happening ... the camber is going more negative, meaning less grip on the inside wheel. But, grip on the outside is more important, so it's an accepted outcome.
Most cars run more negative camber on the front, as it carries more weight and has more suspension movement. It also makes the car turn, so camber is a big part of managing understeer.
FR cars will run a lot more negative camber up front ... upwards of -3º on a moderately tuned car in many cases ... and a moderate amount in the rear (~-1.2º) to maintain grip for acceleration. FF cars will run closer to equal amounts front and rear to keep more acceleration grip up front ... something like -1.8ºF and -1.4ºR, obviously depending on the car. AWD cars will run somewhere in the middle. I personally run -2.7ºF and -1.3ºR in my personal Evo for autocross events. I'm not too good with MR/RR settings, but I'd assume it would be similar to a FR setup, with maybe a little more negative camber in the rear and a little less in front ... perhaps -2.6ºF and -1.8ºR.
These examples are just starting points of course. Basically, if you have issues with understeer, try adding more negative camber up front and see how it reacts. If you're losing grip in the rear of a FR, try lowering the negative camber. And so on ...