FPS is short for Frames Per Second. It shows how many times your monitor is updated (how many "frames", or pictures your screen displays every second). The higher the FPS, the more frequently your monitor is updated, and the closer the picture gets to appearing fluid. Anything about 60 is usually smooth to the eye on most monitors.
Your ping is your round trip time. What that means is that the number you see displayed as your ping is the amount of time, measured in milliseconds, that it takes for your computer to inform the game servers of an action, and for the game servers to respond to your computer with the consequences of that action. The lower your ping, the faster your actions will be registered.
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