Any one here can simplify what the difference is between certain BL set ups?
There are two basic types of brushless systems. You have sensored and sensorless systems. Sensored brushless systems use a wire attached to the motor to locate the rotor (called the commutator), sensorless motors calculate the location in the ESC and make a "best guess" at the rotor location. That is what causes cogging in sensorless motors. Sensored systems usually need to stay with the same brand parts, for example a Novak ESC needs a Novak motor and vise versa, where as a general rule, sensorless systems can be mixed and matched to suit your purpose, example, you can run a Wanderer motor on a Mamba Max ESC.
You have basically 3 sizes of BL motors, S (Mamba Max sized or 540), you have L sized cans, and you have XL sized cans. Generally you would use the larger motor in larger, heavier applications. You wouldn't want to use a S can in an E-Maxx, on the other hand, you wouldn't want to use an XL can in a touring car. Normally the larger the motor the lower the KV rating. More on that below.
Wanderer motor size comparison (XL, L, S):

There are two basic types of brushless motors, inrunners and outrunners. Inrunners get their nickname from the fact that their rotational core is contained within the motor's can. Compared to outrunner motors, inrunners tend to spin faster, often as high as 7700 RPM per volt, you'll see more of these in the faster movers i.e. monster trucks, large conversions, 1/10 stadium stuff and touring cars. However, inrunners lack torque. As a result, most inrunners are used in conjunction with a gearbox in most cases. Outrunners spin the outer shell around its windings, much like motors found in ordinary CD-ROM computer drives. Outrunners spin much slower than their inrunner counterparts with their more traditional layout, while producing far more torque. This makes an outrunner an excellent choice for crawlers.
Like, what is the difference between a 5500 and 5300 or something like that?
The numbers you're talking about refer to is the "KV rating" of the motor. The KV rating refer to the number of times the motor turns per volt passed through the motor by the ESC, for example, a 5700 kV motor, supplied with 11.1 volts, will run at a nominal 63270 rpm. As a general run of thumb, at the same voltage, the higher the KV the faster the motor and the lower the torq, with lower KV the higher the torq and the slower the motor. So, the larger the motor, the lower the KV, although there is a range of KV ratings available in each size to allow you to build your set up to suit the application.
That's the very basics, and of course there are variations to all of it. This also is basically surface info, when you go to aviation or boats, there are a different set of rules. Hope that helps a little and makes sense, it did in my head.
