40 BPM means 40 beats every minute: one beat every 1.5 seconds (1500 ms), or 0.67 beats a second. In classical terms it is Grave, very slow and solemn (25–49 BPM).
You often hear tempos around 40 BPM in very slow ballads, ambient music, and slow 12/8 blues counted in dotted beats. The metronome above is already set to 40 BPM in 4/4: press Start, and change the time signature, accents, subdivisions or sound if your song needs it.