libc.so.6 -> the GNU C Library. It provides essential services to every program on the sysetm, and interfaces with the kernel. If it's broken or missing, nothing will work and your system is hosed. DON'T TOUCH!
libncurses.so.5 -> major version 5 of the ncurses library. It's reponsible for drawing simple user interfaces in text mode, and lets you easily do things like move the cursor around.
libpanel.so -> I think this is an interface to the gnome1.4 panel, so it's now obsolete and would only be used by an old install of Gnome.
Hope that helps. If you don't know what a library does, just ask on IRC or here.....