“Iomega Prestige 320 GB USB 2.0 Portable External Hard Drive”
Iomega = brand/manufacturer
Prestige = model name
320 GB = storage capacity
USB 2.0 = the protocol by which it communicates and connects to your computer
Portable External Hard Drive = description.
This drive is probably a drive with spinning platters, just like the one in your computer (only smaller).
The Wolf