Welcome to the forums Froli

I'm not really the best person to be doing this. Maybe someone more experienced could come and clean things up? heh.
Here is a chart that will hopefully explain some things for you:

Hue is pretty much the tone of the colour, like red, blue, green, yellow, purple etc. A hue of 0 is red.
Saturation is the intensity of that colour. A highly saturated colour is very bright, while a less saturated colour is dull and grayish.
RGB stands for Red, Green, Blue. Red, Green, and Blue are the primary colours of light. These three values code for the amount of red, green and blue that is shown in a particular pixel. For example 255,0,0 will give you the highest saturation of red that your monitor can show.
You can either choose colours by RGB Values or Hue, Sat (saturation), Lum (Luminance, also known as brightness or b) Values.
MS Paint uses strange values for its hue as it isn't really a professional art program. Hue is generally regarded as being a circle (and has a value between 0 - 360 degrees) however in paint for some reason it isn't

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Eek, hope you get what I'm trying to say, I'm very tired and should really be asleep.