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First off, let's distinguish between versions and distributions. 

As stated earlier, Linux is really just the kernel (the central part) of the operating system.  People who package and sell or otherwise distribute Linux tag it with some catchy name or other (e.g., Red Hat, Fedora, Debian), bundle open-source and sometimes commercial (read:  closed-source or proprietary) programs with it (things like utilities or games).  This conglomeration of software and operating system is called a DISTRIBUTION.  There are numerous distributions of Linux, and some are better than others for certain things.  Some are definitely more suited to the advanced user than others (at least in my opinion).

 Now, a version is simply a new release of a particular distribution, for example, Mandrake Linux is now in version 10.0.  Sometimes there are gaps and jumps in version numbers (Slackware went straight from version 4.0 to version 7.0 several years back, to get its version numbers on an even footing with other vendors), and some distributors (notably Debian) release new versions at a slower rate than others.  This can be confusing to the experienced user, let alone the beginner.  The best way to know if a version you are considering using is up to date or not is to visit that distributor's website.

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