SATA = Hard drive storage device connecter. More or less what everthing will move to in the future.
Dual Lan = Two network jacks on the computer. Good if you want to share a connection and dont have a router/switch. Also could be used later if you turn your old computer into a router
Wireless lan = If it actually comes with and doesnt just list it as an options. The board would come packaged with either a add on wireless card or have it built in ( think it woudl be the first)
Firewire = Think of it as usb. Usually used for adio video trasfers because of speed. I believe usb2.0 is faster....
Soundstorm = Really the only reason to get the deluxe. Gives you great on board audio. Different people will tell you different cards it matches up to. Most will put it in the audigy 1/2 range.
I'd suggest getting the SATA drives if your going to get new drives. If not just for forward compatability, if you get two of them you can then run them in a RAID array. If you choose to do that then you can take and Stripe (Raid 0) the two drives which makes them run like one large hard drive, gives you lower CPU utilization than the IDE ports and usually a little bit of performance increase. If you Mirror (Raid 1) the drives, then one acts as a always current backup so if a drive fails then you can rebuild the drive array from the still working drive. As far as the wifi adapter, there's a special "wireless edition" you can ge that has an 802.11 adapter included. Most boards aren't this edition but you can buy the separate 802.11 adapter to go with the board for like $20.00. Also in the dual LAN one of the LAN Ports, from Marvel is a Gigabit LAN port which is kinda cool too.
Everything seems to be decently explained except the wireless lan connector:
Wireless LAN on all new Asus boards is provided by a proprietary plug just south of the last PCI slot (its that black thing you see in the pictures). Most of the circuittry is already in place for wireless networking, thus, you will only need to spend about $20 bucks, and you've got yourself an 802.11b network card. Back in the day, when Asus came up with this concept, it was a real money saver, as 802.11anything cost a minimum of $50 per PCI card. However, as you see in my linkage below, you can find 802.11b cards starting around $20 greenstamps.