Could someone explain IPTABLES

What the hell does the following commands do? How bad am I fucking myself?

sudo iptables -F
sudo iptables -P INPUT DROP
sudo iptables -P FORWARD DROP
sudo iptables -P OUTPUT ACCEPT
sudo iptables -A INPUT -p tcp --dport ssh -j ACCEPT
sudo iptables -A INPUT -p tcp --dport http -j ACCEPT
sudo iptables -A INPUT -m state --state ESTABLISHED,RELATED -j ACCEPT
sudo iptables -I INPUT 5 -m limit --limit 5/min -j LOG --log-prefix "iptables denied: " --log-level 7
sudo iptables-save > iptables.conf

how about you RTFM and see what it does?