"About phone" entries - what do they mean?

[Salforal]

Android version? (I'm guessing the current s/w version installed? Is the latest is 2.3.6?)

Baseband version?

Kernel version?

Build number?

And what are the latest versions?

 

[CullyJoker]

I upgraded mine a few days ago and the current settings are:
Android: 2.3.6
Baseband: I8150XXKL3
Kernel: 2.6.35.7-perf-I8150XXLA2-CL869026 dpi@DELL170 #3
Build: GINGERBREAD.XXLA2