CPU opponents means that when you play this game, you can play against 3 other characters which have their own intelligence and that fight you.
The game was made with AS2 and the adjustable options would include setting a time limit, being able to choose how many lives each player gets, how many rounds you play, etc.
mwmike: If you're really interested in this, than let me know what things you're willing to do for the game and we can begin working on this.