10% peak-to-peak is, for example 0.5Vpp for a 5V output, and so on. So the voltage varies from 4.75 to 5.25V, if the peaks are symmetrical (which need not be the case).
This will most likely be an estimate, at the switching frequency. RF switching noise can greatly exceed this, and depends greatly on topology, component choice and layout. Additional filtering may not be necessary for digital applications, but is typically critical for analog. Additional filtering on the input is also desirable for reducing EMI/RFI emissions problems (depending on situation).
Tim