Hmm a lot of this lingo is new for me. Any suggested links to help a noob get up to speed?
Well, haven't used looked at it thoroughly, but:
The Ultimate Linux Newbie Guide | The best site to learn about choosing, using and installing Linux for beginners
It has sections for what linux is, how to choose a distribution, etc.
I've used a number of distributions over the years. My current favorite is Ubuntu.
Linux has made big strides over the last decade in becoming more accepting of different hardware and becoming more user-friendly. It still lacks the polish of some other OSes, and individual programs can be pretty idiosyncratic (especially older ones). It's not ideal for gaming, since most games are written to run on PCs using Direct X, and many video cards lack optimized drivers that work under Linux. Keep in mind you can install Linux to dual boot with another OS, which will allow you to boot back into Windows (or whatever), for gaming or other specialized purposes.
On the other hand, it is generally stable, efficient, and it's hard to beat the price. It's also nice for software development, and programming tools or either included or easy to install. It's also good for people who like to have many options and don't mind spending time and energy tweaking things to be just so.
With WINE, you can run some Windows Applications (check for support) plus there are free emulators (like BusyBox) available if you want to run Windows in a virtual machine. (Note these solutions generally aren't great for games, which a couple of specific exceptions.)
As far as Free Software... there are people in several philosophical/political camps. Keep in mind "free" here means "free as in free speech" not necessarily "free as in beer."
Almost all "free software" is free to use, but some of it does put an obligation on the user. For example, some licenses allow you to make changes to the software, to sell the resulting software, or to link a free library with your commercial software.
Other licenses are more restrictive, and require that the software always remain free (with source code available), and are "viral" in the sense that linking with those libraries means your program/application falls under the same license (making them unsuitable for use in most commercial products).
There are people in various camps who feel that only they are absolutely correct, and everyone else is an idiot. It's colorful, but can be a little tedious at times.