What do those latin words usually found in templates mean?

Question

Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Fusce rutrum. Proin mi urna, tempor sit amet, convallis vel, pellentesque euismod, eros. Mauris at nisi. Suspendisse felis odio, scelerisque quis, posuere sed, facilisis id, risus. Sed porta. Donec sollicitudin eleifend tellus. Nullam tristique erat interdum sem. Nunc scelerisque purus eget felis. Aenean suscipit accumsan nunc. In leo leo, ornare a, pellentesque at, tincidunt at, ligula. Class aptent taciti sociosqu ad litora torquent per conubia nostra, per inceptos himenaeos. Maecenas ullamcorper magna et justo.

Answer 1

It's just filler text or place holder. this is used as it is the closest approximation to the distribution of english letters.

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Answer 2

Good question - printers and publishers used to be a bit full of themselves and had / still have some odd quirks, that being one of them.  Another was the ### you see at the end of press releases, and the word "sic" to mean we're including the original writer's error in this quote, and a few others.

Answer 3

It is called Lorem ipsum,  its pseudo latin, it is just used as a way of seeing how type would look on a page.