These options deal with various functions you can assign to the AE Lock button (*) on the rear of the camera by your thumb. By default it locks the exposure at the point you've metered on, even if you then pan around with the camera. So if you spot metered on the face of your good lady or significant other against a bright or dark background, then pressed the AE Lock button with your thumb, you can recompose the shot with your subject elsewhere in the frame rather than the centre, and the metering will still be correct for her face. That's the default setting and the one I leave it on as I find it very useful.
A lot of people like to assign AF to this (*) button instead. In this mode you press the button to auto focus and the AF function is now removed from the shutter button, which now just fires the shutter.
I think those are the commonly used options Frank but there are other custom settings you can assign to the (*) button, but I think these two are the most important ones. Do have a read of the other possibilities though..