First of all, welcome! *waves* I hope you have fun here! :)
Feed - posts by people you're friends with and/or groups you've joined. People use feeds in various ways (personal posts and/or or updates of what they're watching/finished).
Friend request - anyone who looks interesting and/or you've interacted with (some people like to have interaction first so I'd read their profile before sending just to be safe) who you want to see their posts on your feed or just interact with more.
Following - I haven't figured this one out but it seems it's just a way of remembering people who you aren't sending a friend request to (or even if you are). For me, it doesn't seem to really "do" anything but I don't know if it does for other people.
Blocking - you use this for people you don't want to see their comments for whatever reason. It doesn't seem to work on forums, at least for me.
I hope that helps!