Cross correlation peak value I would like to measure the time delay between two signals. By applying the cross correlation I get the time delay or number of samples by the location of the cross correlation peak, however I am interested to know what peak value itself identifies ? 
I get a large value for the cross correlation peak.

Thank you!
It's the correlation coefficient that you get for maximum matching, which is the squared Euclidean 2 norm of the signal $s(t)$, ie. $||s||_2^2$; when you note down the crosscorrelation in terms of integrals, you'll quickly notice that, if you use both signals for correlation, the value for $\tau=0$ is the same as the energy in the signal.