L1 Bridges???

High. I know HOW to overclock, but What I want to know is what exactly is the "bridges" that everyone talks about? And what is memory timings? What do each of these do? Here is a pic of my current memory timings (I'm guessing that is what these are)Thank you

first, bridges are connections on the surface of the chip that control something such as the fsb, voltage, multiplier, etc.
you see those little dots? those are the bridges

second, timings affect how fast your ram runs. your settings are on the slowest right now which is more stable. the fastest would be 2-2-2-5 i think. that is the number of clock cycles the ram waits before it clears or refreshes or whatever, depending on the specific setting.

ok, my nube question of the day...
how do you change memory timing? is there software available to do this? or is it somewhere in BIOS (somewhere I haven't looked?)

You have to do it in the BIOS.

The L1's on your XP control the multiplier, connecting them will give you complete control of your multipliers also referred to as unlocking. Benefits when you drop the multiplier and up the FSB for maximum performance out of the chip. Yup, adjust your settings through the bios, that is unless your bios doesn't have any support for that.