More than you would ever be likely to need to know about color temperature can be found here:
http://en.wikipedia.org/wiki/Color_temperature
The short version is that color temperature has to do with the color of light. It is called color temperature because the colors are based on what colors a theoretical "black body" would be at a given temperature measured in degrees Kelvin. The Kelvin temperature scale is essentially centigrade, but with a completely different starting point. Zero degrees centigrade is at the freezing point of water. Zero degrees kelvin is the point at which all molecular motion stops. So zero degrees centigrade is 273 degrees kelvin.
Now, as this theoretical black body warms up, it starts to glow. It's like a piece of steel - it starts glowing in the neighborhood of a dull red and the hotter it gets, the bluer it gets. The crazy thing about color temperatures is that the hotter the heat temperature of the black box, the cooler the color. That is because color is described by the emotional response it produces rather than heat of the theoretical black box. Blue is a cool color despite having a higher color temperature than red, which is a warm color.
In summary, color temperature is all about the color of light. It doesn't have anything to do with shutter speed, aperture, or ISO.
A footnote: I realize that I should say 273 kelvins rather than 273 degrees kelvin, but this is confusing enough and almost everyone in photography includes the degrees.
Second footnote: A black body is something that absorbs all the energy it receives. In black body radiation, the black body also radiates all the energy it receives. No real need to get into this just to understand color temperature.