Have a read of the Apache Log File Docs to learn how to read the raw log files.
Here is my translation of the log snippet you posted. Note you have the order around the wrong way, the IP address is the first line of a log entry, so you are actually looking at both the previous request, and the start of the next request.
This is the IP address of the client (remote host) which made the request to the server.
The time that the request was received. The "-0700" is the time zone that the apache server is set too.
This is the url requested by the client, GET is the method of the request, the next part is the requested resource, the HTTP/1.1 is the protocol used by the client performing the request.
This is the status code that the server sends back to the client. See Hypertext Transfer Protocol -- HTTP/1.1 for more about status codes.
This is the size of the object sent to the client.
This is the referring url for this request, this would be the page that the visitor was reading, it looks to me that this page requests "lace.jpg" as part of its template.
The User-Agent HTTP request header. It shows your visitor is using Internet Explorer 7, on Windows XP.
Hope that helps you out.
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