What exactly are these? Which one should I use for my Linux OS partition and Swap Parition?

Mr_Floppy4

A mount point is a directory that you mount a partition on. Usually you will specify them in the /mnt directory as a subdirectory. So lets say you are going to mount your CDROM, it's probably setup as /dev/cdrom already so:
Place the disc in the device
if the directory /mnt/cdrom doesn't exist you would create it:
mkdir /mnt/cdrom
Then you would mount your cdrom at the mount point /mnt/cdrom with:
mount -t iso9660 /dev/cdrom /mnt/cdrom

Mount points are simply directories though, as a direct answer to your question.

As for where do you mount swap, well your swap doesn't have a mount point. Your entry in your fstab would look something like:
/dev/hda2 none swap defaults 1 1

But that's just the example, not necessarily what is needed for your situation.

And your linux OS, well that would mount at the root ( / ) directory.

So your LINUX OS would entry would probably look like:
/dev/hda5 / ext3 defaults 1 1

in your /etc/fstab file.

Does any of this help? If not, you might wanna read some of the links in my sig, or check out the tutorial over at www.linux.org

Cool

Mount points are where your *nix system mounts certain directories and filesystems to be able to read, write and execute from partitions and or slices on your hard drive.
Not sure what you mean by which one you should use for your Linux OS ?? This is a basic generic question, might want to take a look at some of the howto's at www.tldp.org
You will need at least 2 mount points to install, swap and /

Then your system will automatically create the other mount points for a funcional system. Like if you created just a swap and / partition, and say you create your / partition on /dev/hda1

That means all other directories would also be mounted from /dev/hda1 as they are directly under /

Its just like a tree, and / is on top, then everything else branches off of it. But it is possible to create other mount points for other directories like /var, /tmp, /usr, /home... and etc on another partition.

Say for instance you create / on /dev/hda1 and you create /usr on /dev/hda2... which it would have no problems.

There are so many details, its probably best for you to kind of check out the howto's or try doing a search on Unix or Linux file heirarchy's.