Hot alternates between +120 V and -120 V for home outlets, at 60 cycles per second. Neutral is the wire that is the zero for this measurement. These wires give you the standard home AC circuit that all your ****** runs on.
Ground is a wire that runs out of your house and into, aptly enough, the ground. This is usually connected to the metal case of your DVD player and so forth as a protection, so if something goes bad and you get stuff arcing to the case it runs out of the house and into the ground instead of through your cat, Mittens. Sometimes this will trigger a fault detection circuit that will shut the outlet down (I think its in most building codes that any outlet near a sink/bathtub has this kind of fault protection) if this happens.