This summary is not the rule. The rule text controls.
When someone testifies in court, both sides get to question whether that person is telling the truth. This rule says any party in the case, even the side that originally called the witness to testify, can ask questions or bring in outside evidence about the witness's past conduct or other things that relate to whether they are believable.
This means you are not stuck with a witness's testimony just because you put them on the stand. If your own witness says something that surprises you or seems untrue, you can still challenge their credibility. The same goes for the other side's witnesses. Either party can dig into a witness's background or actions if it helps show whether that person is honest or not.
There are some limits to this rule, found in two related rules (60-421 and 60-422). Those rules place restrictions on certain types of evidence, like a person's past criminal record or specific acts, so this rule does not give unlimited freedom to bring up anything at all.