SS in this case stands for security sectors (errors of a sort in the disc that can not be burned by home drives) and is one of the things the hacked firmware emulates for you (when the 360 tries to determine the SS locations it feeds the SS data from the ISO tricking the 360 security system in the process. SSv2 is a newer way of ripping them that is in theory better than the older way. If you want tech details then
http://www.xboxhacker.org/index.php?topic=...v_next=prev#new
Most new rips will already be at SSv2 but if you want ABGX360 (
http://abgx360.net/verified.php - the number at the right hand side of the screen next to wave) has the relevant files to patch into isos if you want and it is the main checking program for the 360 scene.
The program ABGX360 can do it and tell roughly what you have (see the xboxhacker link for more on that) and patch the files in if you want. Do note the stock ABGX360 has not been updated with support for the newest waves so grab the modded version (do a search for AEtH abgx360 and you should drag it up).
Waves- long story short the 360 discs carry updates and when NXE appeared these updates had to be moved to a different section of the disc (the video section in this case). At the time these changes looked like a corrupt ISO to the hacked firmwares and they refused to run it. Some people then "wave patched" isos (very few got released to the scene and they were nuked if they were, the wastelands of p2p less so)
XBLA and DLC will only work on the JTAG hacked 360, more on that
http://docs.google.com/View?id=dnfmv5h_186pp2zddm
As for burning what burns isos with the proper dual layer settings- IMGburn for me and the vast majority of others. Always open the .dvd file rather than the .iso (IMGburn will probably correct it but no need to start bad habits).
Finally and although you did not ask LT requires splitvid, it was done for older isos on occasion but retuned and was made mandatory for LT (one of the reasons many games had to be reburned when people moved to LT). ABGX360 can change it for you as well (in the "misc" tab)- change it to "Add it if it doesn't exist or isn't valid".