Shorting a stock means that you borrow shares from your broker with a promise to give them back in the future. For example, if McDonald's stock was trading at $70/share, you would borrow from your broker at that price. If the stock price later fell to $60 a share, you would buy back shares in the open market for $60, and give them back to your broker, satisfying your debt requirements. After the transaction, you would be left with $10/share.
So to answer your question, yes. Shorting a stock is betting that it will fall instead of rise, or "come in third instead of first."