Question about learning guitar term

I've been learning off video';s.
Anyway I hear these guys say stuff like:
Root of the cord
The fifth of the cord

I also see them look at the neck and bee able to tell you the chord name.

I want to be able to do this - I believe that with this knowledge comes the key to being a great player.

Little note - SRV nut!!!!
Wife gave me SRV box set for 14 anniversary.
It has a dvd of him playing.
While playing he broke the b string.
You can see him look down and just adjust his playing on the next string with out missing a note. I sound right. I guess he might have used a some flats and sharps but it sounded right.

Bottom line - I want the knowledge to be able to move like that. I want that thought process. I just haven't found a good book or source yet -- plzzzz give a lead.

When they talk about the 'root of the chord' they mean the note for which the chord is named. A G note is the root of a G chord, etc. The 5th of a G chord would be D. This is because a G major triad is made up of the notes - G, B, D.

G - 1st (root)
B - 3rd
D - 5th

B and D are called the 3rd and the 5th because of their places in the Gmajor scale. Major triads are always the 1st, 3rd, and 5th tones of the major scale, but none of this matters unless you know the notes of the fretboard.

I suggest you get one of those charts that shows the names of each note on the fretboard. Along with a little theoy, you'll be able to figure out what chords you're playing anywhere on the neck.

Just to take it a little bit farther.

The root, 3rd, and 5th. Can be called degrees of the scale also. 5th degree of the scale, 3rd degree of the scale and so on.

It's hard to explain, but all chords come from scale structure. for example a root, flattened 3rd and a 5th make a minor chord. and so on.

I've tried to explain, and Christoph did a good job.

Here are some sites that will help:

http://www.chordmelody.com

http://www.guitarforbeginners.com

http://www.wholenote.com

http://www.guitar.com

http://www.guitarsite.com