Think of a basic line graph and imagine what that line would look like if there was suddenly a sharp increase. Now, imagine that line is your blood glucose level.
A spike is nothing more than a sudden increase in your blood glucose levels often brought on by eating carbohydrates. There is no set number to measure a spike and we each define a "spike" differently. Some people are okay with their blood sugar increasing 4 mmol/l after a meal while others want it to increase less than 1mmol/l....we're all different.
The 2-hr rule is a basic measurement of your body's ability to recover from a spike. Optimally, your blood sugar should return to normal within 2-hrs after eating. Unfortunately, that's not always the case for people with diabetes.
Long story short- the spike itself isn't as big of a deal as the ability to recover from that spike within 2 hrs after eating.