what does it mean on a rod when it says fast or extra fast what are they talking about, and on a reel what does the ratio like 5.1.1. mean is that the distance of a turn of the handle, and how do you interpret that Thanks Jeff

The action determines how quickly you reach the backbone as the rod starts to bend. The faster the action, the quicker you reach the backbone on a hookset. For fast/extra fast, the rod will bend nearer the tip, as opposed to moderate which will bend nearer the middle of the rod. 

In regards to reel gear ratios, for the most part I ignore them but will instead focus on the Inches-Per-Turn (IPT) number. This tells you how much line you will take up with each crank of the handle. Based on the kinds of baits I'll be throwing, I may want a faster reel (higher IPT) or slower. 

One additional consideration is that lower gear ratios tend to have more torque and can be useful when more effort is required to get the bait back to the boat.  A good example of this is deep cranking which can be quite tiring on higher gear ratio reels. It can also be good for baits requiring a slow, steady retrieve or for anglers who tend to work baits too quickly. 

For me personally, I have mostly higher speed reels as I find it much easier to slow down a retrieve if necessary.  I also don't think high speed reels are quite as lacking in the torque department as they used to be. That being said, throwing deep cranks on a 7:1 or 8:1 reel would make for a long day. 

Gear Ratio is how many revolutions of the spool to each revolution of the handle.  So if you have a 5.1 reel,  1 turn of the handle turns/rotates the spool 5 times.  Lower ratio's normally pick up less line and are easier to turn high resistance baits (deep diving crankbaits and big spinnerbaits) and higher gear ratios pick up more line.  Thats where the IPT come into play as some 7.1 reels may have the same IPT as a 6:4.1.  Rods were covered pretty much in the post prior.  Hope this helps.

Excellent post Toeshots, you explained it perfectly.

Rod Power: 

The “power” of a rod refers to how much pressure it takes to flex the rod. Different rod powers are engineered to efficiently handle a certain range of lure weights and line sizes.

Rod Action:

The “action” of a rod is determined by where a rod flexes along the blank. Faster action rods flex mostly near the tip. Moderate action rods flex more near the middle of the blank. Slower action rods flex down into the butt section.

Thanks a lot for all the info