In a grid with multiple columns, the * size columns divide up the remaining space. For example assume a 300px wide grid with 3 columns (150px, 120px and 1*).
The calculation is:
remainder = (300 - 150 - 120)
Since the remainder is 30px the 1* column is 30px wide
Now add some columns and modify the widths to (35px, 85px, 2*, 1*, 3*)
Redoing the calculation:
remainder = (300 - 35 - 85)
In this scenario the remainder is 180px, so each * column splits the remaining pixels according to their weighting number.
factor = (180/ (2 + 1 + 3))
factor = 30px
Therefore the 2* column is 60px, the 1* column is 30px and the 3* column is 90px
300 == 35 + 85 + 60 + 30 + 90
Of course the same principles apply for Row sizing.
When the grid is resized the * columns divvy up the new remainder size. But they keep the same size ratio between other * size items. In the example the 3* column will always be 3 times as wide as the 1* column.