A word is 2 bytes (16bits). The original ATA DMA transfer modes were single word modes, which meant only one word of data was sent at a time. These were quickly replaced by mulitword DMA transfers which are exactly what they sound like, more than one word transferred at a time. All hard drives even remotely recent use multiword DMA transfers. It's not something you really need to worry about.
"mw dma mode 2 ... why?"
Fancy technical term for saying the drive can transfer data at a maximum of 16.7MB/s.