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Regen is an abbreviation for regeneration which, while referring to tremulous, is commonly referring to the rate at which aliens gain back their hit points. How ever humans also regen their hp while on a medistation. For aliens in 1.1, regen gave aliens back hp in chunks, where in 1.2/GPP aliens gain their hp back continuously. In order for aliens to begin regening, they must wait a few second cool down time from the last time they were shot. The idea of stopping alien regening while the overmind is dead has been tossed around.
All alien structures regenerate automatically, and there is no way for aliens to speed up the process. For human structures, in 1.1 the only way to regenerate is to repair with a Construction Kit. In 1.2/GPP the Defense Computer automatically repairs all structures within range at a very slow rate.