I am computer ill-iter-ate

I actually do not know my Mhz from my GB and I have tried getting you all to give me help before.
Well Now I have more information and I would like two things:
1. What does this mean - in simple, plain, everyday english please.
2. Is this a good system, or not?
And the system is from Gateway a 500X
Processor: Intel® Pentium® 4 Processor 2.533GHz w/ 512K L2 Advanced Transfer Cache and 533MHz FSB
This is meaningless to me - what does this mean? Is there better? How do I know if this is what I need or if it is enough? Memory: 256MB 333MHz DDR SDRAM
All fine and well, what does this mean in real terms? Hard Drive: 80GB UATA100 7200RPM Hard Drive
is this a good thing? I presently have 60 GB, and am only using 3.2 BG Floppy Drive: 3.5" 1.44MB diskette drive
I know what this is - it is a good thing Optical Drive: 16x/48x DVD-ROM Drive and 48x/24x/48x CD-RW
I know DVD and CDROM too Case: Gateway Mid-Tower Case
I saw the picture Controller: Integrated Ultra ATA Controller
What does this control? Is it good? Expansion Slots: 3 PCI and 1 AGP
???????? External Ports: (6) USB (2 in front and 4 in back are version 2.0) Parallel, Serial and (2) PS/2
I assume to plug in my printer and scanner? Certification: Energy Star Compliant
Operating System: Microsoft® Windows® XP Home Edition
XP - hmmm, Is it really better than 98 2nd ed? Application Software: Microsoft® Works Suite 2003 - Including Microsoft® Word and Encarta
AntiVirus Software: Norton AntiVirus 90 day Introductory Offer
Presently I own McAfee software - can I continue using Mc Afee? Monitor: 17" LCD Flat Panel Display (17" viewable)
Flat Screen - plain english I understand Video: 128MB NVIDIA™ GeForce4 MX440G Graphics with TV Out
A who to what? What does this do? Keyboard and Mouse: Logitech Wireless Keyboard and Wireless Optical Mouse ........[ +US$65.00]
To wire or not to wire - that is a good question - is the tecnology for wireless keyboards good enough? Sound System: SoundBlaster Audigy Audio w/ IEEE 1394 (FireWire)
Does this mean I can listen to all of my MP3s? Speakers: Boston Acoustics® BA745 Speakers with Subwoofer
How loud is loud on this one, does this mean I can use my Computer like a stereo? Modem: 56K PCI Voice Modem
Anyone know if I can get my DSL internal modem installed on this kind of system or do I have to buy an external DSL Modem? Network Adapter: Integrated 10/100 Ethernet
What's this? Internet Service Provider: One year America Online® Internet Access
I hate AOL - I will decline this offer Promotion Software: The Sims™ (Limited Time ONLY - a $49.95 value)
What is this? Note, I asked my question by each item.
Thanx
David