Quick Question About Webalyzer Stats

Just a quick question about webalyzer stats if anyone deals with it... When it says "Hits by response code" and my "Code 404 - Not Found" is 4 or 5 times my "Code 200 - OK" what does that mean exactly? Visitors are trying a bunch of different pages that don't exist or they are being 404'ed off my LP because H0stgator is suckin?

Thanks