Find files of type regular and separate them with NULs (to account for spaces and such) and for some bizarre reason, pipe them into sudo. (Ubuntu. *shrug*) Regardless, xargs will build a command list out of them (also expecting NUL separators) and md5sum them. Grep will exclude any files named 'isolinux/boot.cat' and some more craziness with sudo and then tee will display the list to the terminal and write the md5sums to the file md5sum text. (AFAICT, none of the sudos make any sense, especially as find would need to have root perms to go looking through root-read-only dirs or whatever.)
That's the gist, I think.
-- Oh, and welcome to LQ!