xxx.yyy.com - - [28/Jan/1997:00:00:01 -0500] "GET /sitename/news/nr012797.html HTTP/1.0" 200 16704 Mozilla 3.0/www.altavista.digital.com
xxx.yyy.com (or 220.127.116.11) - this is the host name (or IP address) associated with the requester (you as the visitor). In this case, (....com) the requester is coming from a commercial address. Depending on the requestor's method of network connection, the host name (or IP address) may or may not identify a specific computer. Connections via many Internet Service Providers assign different IP addresses for each session, so the host name identifies only the ISP. The host name (or IP address) will identify a specific computer if that computer has a fixed IP address.
[28/Jan/1997:00:00:01 -0500] - this is the date and time of the request "GET /sitename/news/nr012797.html HTTP/1.0" -- this is the location of the requested file
200 - this is the status code - 200 is OK - the request was filled
16704 - this is the size of the requested file in bytes
Mozilla 3.0 - this identifies the type of browser software used to access the page, which indicates what design parameters to use in constructing the pages.
www.altavista.digital.com - this indicates the last site the person visited, which indicates how people find this site.