Liam, I know it's confusing at first. It was for me, but after some time I just "got" it - and I am really really poor at maths. You'll eventually begin to realise what means what and subconciously work out the numbers. There's a rule called Sunny 16 which basically stipulates that on a sunny day, at f/16, your shutter speed should be reciprocal of your ISO speed, so if you are at f/16 ISO 100 - your shutter speed should be at 1/100 to give a good exposure in sunlight - and it mostly works.
If we keep the ISO the same, but change the f/ stop number, we will have to change the shutter speed to compensate. So...
at ISO 100, f/16 we should have 1/100 shutter speed.
at ISO 100, f/11 we should have 1/200 shutter speed.
at ISO 100, f/8 we should have 1/400 shutter speed.
at ISO 100, f/5.6 we should have 1/800 shutter speed.
at ISO 100, f/4 we should have 1/1600 shutter speed.
All of the factors, ISO, shutter speed and lens aperture work in relation to one another. Think of it as a triangle - you change one of the numbers, and in order to keep the exposure the same, you MUST change at least one of the other numbers, or if you want to you can change both.
Knowing this becomes important in situations where you need explicit control over not just the exposure, but the depth of field (which is controlled by the lens aperture) or whether you want to freeze (or indeed blur) subject motion, which is related to shutter speed. If I'm out in the sun and I want a shallow depth of field, I know I'll want to open my lens up, but that can potentially create problems as you will have to really ramp up your shutter speed into the thousands. Luckily both my cameras allow a max shutter speed of 1/8000, so I can usually get away with shooting even at f/2 in bright sunlight (refer to the sunny 16 rule to check that).
If I wanted to freeze the movement of people, I'd have to increase my shutter speed - normally a minimum of 1/200 ish does it for me. Depending on the light, I'd have to open up my lens aperture, up my ISO, or both.
Sometimes, there are situations where you just don't have enough light no matter how much you up your ISO or open up your lens, and this is where flash can be useful. Then there are situations where in bright light you want to slow down your shutter speed more than is possible, and for this you can use ND filters, which is essentially sunglasses for the camera.
Sunny 16 is a good one to remember, but most importantly don't forget the relationship between all 3 of the exposure factors.