wait, wait, wait a moment please!!!!
what? z means the distance???
so if i can understand good, if an object's z is e.g.: 16 and the other's is 10 than it means that
object (z=10) is closer than other??!!
Not exactly (sigh). Kevin did it better, but I'll try.
Redshift, technically, is a measure of the displacement of light colors toward the lower or red end of the spectrum. This is a function of Doppler shift (try google or wikipedia for a full explaination). Basically, it means that if a light emitting object is coming toward you, the light waves "bunch up" by the amount of the velocity of the object--this is blueshift--and going away they "stretch out" by the same factor a/k/a redshift.
Now, we believe (sorta) in an expanding universe; that is, pretty much everything in the universe is moving away from us. And, for reasons that nobody understands, it seems like the farther away they are, the faster they go.
So, ok, they measure the spectrum of a distant galaxy--and they know, for reasons too complex to explain and that I don't fully understand myself, what the spectrum
should be. They compare what they actually get with what they expect to see and the amount that these differ is the redshift-- the amount the actual spectrum colors are shifted toward the red end of the expected spectrum.
This gives us an indication of the velocity it's moving from us: By doppler effect, the greater the velocity, the greater the redshift. And
that gives us--by the expanding universe thing, and the apparent increase in velocity over distance--a hint about how far away it is.
It's more complex than that--see Kevin's post above where he corrected me--because the spectrum can't measure
just the recessional velocity of the universe. It can only measure the
total velocity of the object, which is a vector sum of the recessional velocity plus whatever motion the object has on it's own. Thus it can't be treated as an absolute: a far-away object moving toward us and a close object moving away might exhibit the same redshift because the redshift is the
sum of the velocities.
Having now confused myself more than you, the simple answer is it's an indication, not a guarantee.
But you were right about one thing

The larger the number, the farther away it is.
You're not likely to see a redshift greater than one, however, or at least not in this survey. The telescope used to take it can't see things far enough away to have a redshift greater than 1. I'm no expert, but reading the forum has brought me some info and I offer it FWIW:
if z=
0.000, it's in this galaxy, and maybe out to .002 or so.
0.050, medium distant, outside the local cluster.
0.150, getting pretty far out there, far enough for that QSO to really be a quasar.
0.400,
way the heck out there.
0.5 or 0.6, approaching the limits of the telescope.
If anybody can refine these numbers, i could use the help myself.