A cast receiver is just that, it is a casting made in a pre-made form. Milled receivers are made by CNC machining of a solid block of aluminum. Supposedly there is no difference as far as strength, but most shooters prefer the milled receivers. Some of the cast receivers can show discolorations in the finish, but I have yet to see this. DPMS offers a cast receiver, which is about $25 cheaper than the milled one.
A good example of a cast receiver is the Ruger M77 line of bolt action rifles, which are all cast. This proves that casting can be successful.