HostNameLookups off ErrorLog and LogLevel determine the location of the error log and the error level at which entries are logged, respectively. The LogFormat directives will define the format used by the various logging methods. CustomLog lets you pick one of these. If you're daring, you can add additional LogFormat directives to define your own format. This is generally a good thing to leave on.
Aliases can point to any directory that user nobody has access to.
Next comes the script alias. This works just like a regular alias, except requests to the script alias are always treated as applications and will be executed, assuming correct file permissions. You can define as many script aliases as you want, but I don't know of any reason why you would need more than one. The next few options control preferences for server generated diretory listings and language priorities, and can usually be left alone. Skip down to the server-status area.