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Good question.
1CC is short for 'One Credit Clear' or One Credit Complete.
To finish an arcade game on one games' worth of money put in. Original prices were: in USA=1 quarter, in UK=10p, and in Australia=20c.
To get to the end(beat final boss etc) and complete the game. Some games would end after completing and roll credits/congratulations etc, others would start back over again at the start with increased difficulty. When you start again, you 'clocked' the game(like a clock going around to 12).
You could sometimes get 1hr or 1.5hrs out of a single credit.
I remember one night in a video shop that a 1CC on the game Heavy Barrel is exactly(to the second) the same length as Metallica's album, Ride the Lightning at 47min 26seconds. (nb. On a WM-FX421 Auto Reverse Walkman)