You'll notice the IP, 127.0.0.1, next to the name local host in parenthesis. That IP is reserved for the localhost on all computers. The next couple of lines give you information on the packets. All information in the Internet is sent as packets. Think of them like letters going through the mail.
Points of interest are the ttl and time listings.
TTL is the Time To Life. When you send a packet through the Internet, it doesn't always just go where it's supposed to automatically. Much of the time, it jumps to one computer, asks for directions, jumps to another computer, asks for directions, and so forth till it find the computer it's looking for. The TTL is the number of jumps it has left till it dies. Time is the amount of time it took to get there and back.