Sound moves in waves, so it has peaks and valleys. When two speakers are playing the same frequency, then obviously they are outputting the same wave. If when those two waves reach your ear they are out of phase with each other (i.e. one wave is at it's peak, while the other wave is at a valley, or vice versa), then cancellation of the wave will result. Meaning: you will not hear that frequency because it has been "cancelled" out (because the two waves were out of phase with each other).
Here is a good pictorial representation courtesy of geoleman:
Notice in the first pic, both waves are at their "valley", while in the second pic one wave is at it's "valley" and one wave is at it's "peak"