The IP rating of a radio or oter device is made up of two numbers.
The first number indicates the level of protection against ingress of solid objects including dust etc.
The second number (and the most important one when choosing a walkie-talkie!) is the level of protection from water or other liquids.
The higher each number is, the better the protection against solid objects or liquids getting into the radio and damaging it.
0 = no protection against ingress of solid objects
1 = protected against ingress of large objects (>50mm)
2 = protected against fingers (>12.5mm)
3 = protected against tools (>2.5mm)
4 = protected against wires (>1mm)
5 = effectively dust-proof (dust may enter but should not interfere with operation of device)
6 = dust-tight
For electronic devices such as walkie-talkies, it is the degree of waterproofness that people are most concerned about.
0 = no protection against any liquid penetration
1 = protected against vertical dripping water
2 = protected against water dripping when device tilted up to 15 degrees from vertical
3 = protected against water spraying at any angle up to 60 degrees from vertical
4 = protected against water splashing from any direction
5 = protected against water jets
6 = protected against powerful water jets
7 = protected against immersion up to 1 metre for 30 minutes
8 = protected against immersion greater than 1 metre