What does "once in a blue moon" mean?

Rarely, once in a very long time, as in We only see our daughter once in a blue moon. This term is something of a misnomer, because an actual blue moon—that is, the appearance of a second full moon in the same calendar month—occurs every 32 months or so. Further, the moon can appear blue in color at any time, depending on weather conditions. [Early 1800s]