On his way back from his victory against the Gorgons, Perseus came across a woman chained to a rock, waiting to be sacrificed to a sea monster, called either Cetus or Draco, depending on which version of the myth you believe. This woman was Andromeda, the Princess. Her mother, Cassiopeia boasted that she and her daughter were more beautiful than the Nereids (or sea nymphs), which were the daughters of Poseidon (or Neptune), the god of the sea. Angered by the insult to his daughters, Poseidon sent floods to the lands ruled by Cassiopeia and her husband, King Cepheus. Cepheus consulted an oracle who told him that the only way to quell Poseidon's anger was to sacrifice his daughter.
Luckily, Perseus came on the scene just in the nick of time and killed the sea monster and saved the princess.
As a small side note, it is interesting that Cepheus shows up again in Greek mythology when he and 17 of his sons were killed by Hercules
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