A storage framework is a system of organizing and storing data. The term 'RACK' is a four-letter acronym for Redundant Array of Independent (or Inexpensive) Disks, which is a type of storage framework. RACK is a type of storage system that uses multiple hard disks to store data in a redundant manner, meaning that if one disk fails, the data can still be retrieved from the other disks. This makes it a reliable and cost-effective way to store data.