A pedestal shot means moving the camera vertically with respect to the subject. This is often referred to as "pedding" the camera up or down.
The term comes from the type of camera support known as a pedestal (pictured right). Pedestals are used in studio settings and provide a great deal of flexibility as well as very smooth movement. Unlike standard tripods, pedestals have the ability to move the camera in any direction (left, right, up, down).
Note that a pedestal move is different to a camera tilt, which means the camera is in the same position but tilts the angle of view up and down. In a ped movement, the whole camera is moving, not just the angle of view.
In reality, like most camera moves, the pedestal move is often a combination of moves. For example, pedding while simultaneously panning and/or tilting.