160 BPM means 160 beats every minute: one beat every 0.38 seconds (375 ms), or 2.67 beats a second. In classical terms it is Vivace, lively and fast (156–175 BPM).
You often hear tempos around 160 BPM in punk, ska, medium-up jazz and metal. The metronome above is already set to 160 BPM in 4/4: press Start, and change the time signature, accents, subdivisions or sound if your song needs it.