Yes, wget is a unix command and it downloads a file and puts it in the directory you are when you enter that command. It is a way to put files on your server you can say. Now the command is exicuted on the box in your /home/user/ directory. Wich is what is before your /www/ and /public_html/ files on your cPanel account. So when it downloads the file it exicutes command. Crons execute commands in linux at a certian time.