$H^1(V;\mathcal{F})$ is the space of bundles of affine spaces modeled on $\mathcal{F}$. An affine bundle $F$ modeled on $\mathcal{F}$ is a sheaf of sets that $\mathcal{F}$ acts freely on as a sheaf of abelian groups (i.e., there is a map of sheaves $F\times \mathcal{F}\to F$ which satisfies the usual associativity), and on a small enough neighborhood of any point, this action is regular (i.e., the action map on some point gives a bijection). You should think of this as a sheaf where you can take differences of sections and get a section of $\mathcal{F}$.

This matches up with what Anweshi said as follows: given such a thing, you can try to construct an isomorphism to $\mathcal{F}$. This means picking an open cover, and picking a section over each open subset and declaring that to be 0. The Cech 1-cochain you get is the difference between these two sections on any overlap, and if an isomorphism exists, the difference between the actual zero section and the candidate ones you picked is the Cech 0-chain whose boundary your 1-cochain is.

Another way of saying this is that a Cech 1-cycle is exactly the same sort of data as transition functions valued in your sheaf, so if you have anything that your sheaf acts on (again, as an abelian group), then you can use these transition functions to build a new sheaf; a homology between to 1-cycles (i.e. a 0-cycle whose boundary is their difference) is exactly the same thing as an isomorphism between two of these.

I'll note that there's nothing special about line bundles; this works for any sheaf of groups (even nonabelian ones). For example, if you take the sheaf of locally constant functions in a group, you will classify local systems for that group. If you take continuous functions into a group, you will get principal bundles for that group. If you take the sheaf $\mathrm{Aut}(\mathcal{O}_V^{\oplus n})$, you'll get rank $n$ locally free sheaves. A particularly famous instance of this is that line bundles are classified by $H^1(V;\mathcal{O}_V^*)$.