All I know is ,the lower the F number the better,and more expensive. 
Basicly, the lower the F number, the 'faster' the lens is.
If you were to take a photo in low light, and didn't use a flash you would need either a tripod or a fast lens.

I've just bought a lens from my camera that has an f1.4, which as far as I know is the fastest I can buy for my camera. 8-)
The F number is the size of the aperture, so the bigger the aperture, the more light it lets in, and therefore the faster the camera can capture the image (ie faster shutter speed = sharper image). Remember that the smaller the F number, the bigger the aperture. So 1.4f = Very Big, and 22f = very small.
Again this isn't too much of a problem if you were taking photos of buildings with a tripod, but lets say you were taking a photo of a moving car in low light. With a normal lens, it would be blurred.
The other point to mention is that the smaller the F number, the smaller the FOD (field of depth) is. This can be used to create some fantastic effects, however at the same time can make focusing on subjects difficult.

What lenses do you currently have?
And what do you intend to take photos of?