Ratio means Delay divided by Damage here on Allakhazam's site. Most people refer to it in the opposite sense or in damage per second (DPS). For Ratio here, the lower the better. Most others, including DPS, the opposite is true. That is, higher is better. However, there is also on Allakhazam's site, a Comparative Efficiency (for weapons in Primary Slot) and a Offhand Efficiency (for one-handed weapons in Secondary Slot), where higher is better.
I am not sure how they (Allakhazam's site) calculates the Efficiency scores, but do seem to be more accurate for overall DPS than a simple Damage to Delay (or vice-versa) ratio. They probably take into account other factors, including the Damage Bonus for higher level characters as well as other factors that can apply to DPS.
If you look for other posts reguarding weapon ratings / ratios, DPS, damage, and delay on this site, you will find lots of information.
A useful tip is to use the highest DPS weapon in your primary slot until you are at least level 20 where you start getting damage bonuses. Of course, if you're a caster class, then DPS won't mean much after 20 anyway, unless you are soloing and go out of mana (OOM) when the enemy is almost dead and have to go beat on it. For casters, the benefits of the weapon (pluses to abilities, hit points, mana, resists, effects, and focus effects) are generally preferred over the DPS. For melee's using the fastest (or lowest delay) weapon in your primary slot is generally preferred after you start receiving damage bonuses.
Also, you might look for posts about your particular class, or search for guides for your particular class, that will give you a better understanding on selecting weapons for your particular class.
One other note on Allakhazam ratios, the ratios also are rated, such as Godly (<1), Excellent, Good, etc. and will give you a general idea of the quality of the ratio. However, these rankings were done during the old world EQ, so under the current EQ, you might reduce the classification one grade. That is, if Allakhazam rates the ratio as Excellent, I would consider it Good, and definitely above Average, but one rated as Average, I would consider it Below Average today.
Hope this helps explain weapon ratios for you.