No, it's the term by which it has become known - I don't think it is officially called that although Microsoft may have adopted it now
It is basically just a bad crash, sometimes a reboot sorts it..other times your installation is f***ked.
That message isn't real from vista (at least I don't think so, although the software must kick in to handle the BSOD so I don't see why it doesn't recover from it!), I suspect it has been mocked up in photoshop - you don't get a warning with bsod.