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Android ricing refers to changing up the UI of a device running android to better suit one's taste. This can be done for many reasons, such as to make using the device more practical, or to make it suit the user's tastes more.
Android is a mobile operating system based on the open source Linux kernel. Android is FOSS, the majority of it is licensed under Apache or GPLv2. Android has components that can easily be swapped out that will change the user experience.
ROMs are different versions of Android firmware. Many companies make devices with their own ROMS (such as HTC sense or Samsung Touch Whiz) that control the user experience. Although not necessary, downloading a new ROM will give you more customization features. To do this, you need to Root your device to gain administrative access and install a custom recovery, which will install and manage ROMS. Some popular ROMS are AOSP, Cyanogen mod, paranoid android.
A launcher is the application that opens up whenever you hit the home button. This area consists of your home screen, and many things can be put on here for convenience, such as icons for apps and widgets such as clocks. You do not have to root or install a custom ROM to install these. Some popular launchers are Apex and Nova.
Icon packs are a group of icons that come packed together and are designed with the same same style. Icons should complement the background that you have. Some commonly used icon packs are Holler, Tiny white, metro, and Click UI.
Apps & Games
There are many apps available for Android. Several apps that focus on ricing are UCCW and dash clock. There are also many apps that vary from news apps to office suites.