What does it mean to be openminded?

What does it mean to you when someone says they are open minded? I believe anyone that claims to be open minded must be willing to throw everything the know and believe out the window. Only when someone is willing to throw all of that away and rearrange his/her thinking to what has been shown to be the actual facts should they use the term open minded.

I have seen many times where a person will claim to be open minded but when you ask them about getting rid of their current beliefs, they always stop in their tracks. Only people who have allowed themselves to think for themselves tend to fully understand what it means.