The switching action has a built in delay that you can set before switching, but generally if you want to delay between actions in a macro, then you will need to add a Delay Next Action action. If this delay is used as the a last action, then it just prevents the macro from being triggered again until this amount of time has passed.
Name - This should be a brief description of the action. This is displayed in the action list so put something here that helps you figure out what this action is for. It puts a default there for you in case you're not very creative.
Description - If you like to be wordy, this field is where you would put all the nitty-gritty details about the action that you think are important. This field shows up in the selection list too, but otherwise isn't used.
Delay - This is the amount to delay before the next action in the action list is processed. If this delay is used as the a last action, then it just prevents the macro from being triggered again until this amount of time has passed. You can choose a number of units and the type of units (seconds, minutes, hours . . .).