That's a lot of great information, Grey Ninja. And yet, you managed to forget to tell him what a BIT is.
A Bit is a ONE or a ZERO in computer binary language, also called ON (1) or OFF (0).
Sometimes, you might hear someone referring to "flipping a bit". It means to change the state of something, just like flipping a light switch.
So here's a fun bit of trivia for you. Have you ever noticed that in many 8-bit games, the number "255" seems to pop up a lot? That's because in binary language, eight bits can only count up to 255 (starting from 0). You can test this with any calculator by multiplying 2 (the number of states in binary) by itself eight times (2^8th power). You'll get 256, or 255 if you start counting at Zero.