An arpeggio is a chord played one note at a time. Arpeggios are extremely common in Classical guitar playing. They are usually played as a pattern, using free stroke. Here is an example of an arpeggio pattern applied to a C major chord.
Here is the same arpeggio pattern applied to the chords C and G7.
This arpeggio pattern is commonly used in * time. There are many more patterns. Try creating some of your own.