This is not an uncommon question, and can be confusing to understand.
Many people think that this refers to how long it will rain throughout the day or how much of the are will see rain. This is not the case.
When you hear chance of rain, meteorologists are talking about the likelihood that a random point within a forecast area (in this case Southern Colorado) will see 0.01" of rainfall. This is the same amount as a small puddle on the sidewalk.
Meteorologists will take into consideration their confidence and the area that will be impacted. You can figure out the chance of rain by taking that confidence percentage and multiplying it by the area that will be impacted.
For example, if we say that we are 100% confident that 30% of our area will see rain, then this is only a 30% chance of rain. Here's another one, if we say that we are 60% confident that 50% of the area will see rain this is also only a 30% chance of rain.
Just because you see a low percentage, doesn't make the overall chance for that area lower. We have to take into consideration some uncertainties with the forecast, because knowing Colorado things change fairly often with the weather here.
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