Ok, I'm going to probably embarrass myself with these questions but I need to learn somehow, right?

I'm barely getting into the whole 5.0 scene.
Pulleys? I have no idea what they are so could someone explain what they do and where they are located? How easy are they to install?
Torque boxes. My friend told me to make sure these are reinforced somehow. He said to have them welded on because they can rip out from hard driving. What is the story with this?
Lowering kits. My car will basically be a city thrasher. What would be a good drop? I don't want it slammed or anything dramatatic.
Suspension. What is a good and cheap way to decrease the amount of sway and keep my tires from squealing when cornering?
Gearing. I've looked on E-Bay for 3.73 gear kits and see different numbers for the type of rear end. 7.3, 7.5, 8.8 are the most common ones. Which one is right for an '89?
I guess that's all for now. Sorry for being a total newbie. The fact that I don't know what pulleys are really bothers me. :o