Computer guru's? Advice requested on Lap-top computers, please?

Thanks for all the computer advice! You guys have been incredibly helpful. Due to numerous issues - including the fact that my landlord has to come into my apartment August 8th and rip out the wall the computer is located next to, have decided to take graffitandsara's advice and get a lap-top, keep the other computer for rudimentary junk.

But being a bit of a computer dolt, in case you haven't noticed, need a little advice:

Here's a Dell Computer Lap-top I saw advertised as Outrageous Deal 6000:

1.Processor: Intel Cenrino Moblie Tech - Intel Pentium M Processor 715
(1.50GHz, 2MB Cache, 400 MHz FSB) - what's this mean? And do I need 1.60 GHz?
2.Operating System: Microsoft Windows XP Home Edition
3.Display: 15.4 Widescreen XGA Display (What's the best to have here?)
4.Memory: 512 MB Shared* (What's shared mean? I know 512 is good - it's the amount of memory on the computer at work. )
5. hard drive: 80GB * Hard Drive (Does it matter if I have 40 GB or 80 GB?)
6. media bay: 8x CD/DVD Burner (DVD+/-RW*) - Do you need 24x or 8x? (I don't really burn CD's) Is this the disk drive? Or is it something separate? (Yes, the last lap-top I worked on was my father's Compaq in 1996, we didn't have stuff like this back then, those were the days.)
7. graphics card: Integrated Intel Graphics Media Accelerator 900 (Do you need the 64MB DDR ATI's Mobility RADEON X300 PCI Express x16 Graphics or is this enough for my needs?)
8. Wireless: Intel PRo/Wireless 2200 Internal Wireless (802.11b/g) - what is this? Is it an internet card? Or something that allows you to operate the computer without plugging it in?
9. The whole warranty package - 1 year on each.

Any advice, welcome.

Going to try and get before August if possible. The gods seem to think I need a new computer and it should be a lap-top for some reason or other.