MD5, 6 and 7 (and CRC too, for that matter) are methods to verify your download. I assume there is a long string of odd symbols after: that's the hash. There are specific programs an utilities to check the MD5 hash of the file on your end, to compare it with the one appended to the file name the uploader got from his version of the file (or in the nfo / readme thing). If both are identical your file is fine, correctly downloaded, and probably virus-free if the uploader's version is virus free.
These are completely irrelevant to the content of the ROM / file / movie itself.
Now the ones that matter should be
[!] = good dump
J = Japan
K = Korea
CN = China
U = US
E = Europe, or sometimes when the rom has a single language: F (French), I (Italian), G (German), S (Spanish), NL (Netherlands) like with layton games, in which case E usually stands for the UK version.
Tr+Eng = Pre-patched fan-translation
MULTI5 / M5 = has five languages. Sometimes you can find anything from multi7 to multi2
Demo / Beta = leaked Kiosk demo, beta build...
Patched = ap fixed, not always mentioned
There is often a number too, to differentiate between different versions (most demo dumps are unnumbered though, like this xxxx)
It's important, since a game can have many versions, no only by region but sometimes it gets dumped twice when a bugfixed version comes out, like for example Harvest Moon (U)(v1.1) ... (the first then would be renamed v1.0), Tales of Graces Wii, Densetsu no Stafy 3, ....
And cheats / saves / fan-translation patches can work on one but not the other..
You sometimes find the name of the release groups too.
Sometimes (thankfully not many today do this, with the exception of a certain DQIX rom) some of them adds custom homebrew intros, and the ones who don't make a point of them not adding such intros by adding (NoIntro)
EDIT: Oops, ninja'd