Maybe the question should have been - how do you translate what the Panic log says into something actually logical or meaningful or understandable to someone who isn't a computer Guru genius...???
Sometimes you can't. But since it is a free, quick, and easy thing to do it's worth taking a look when you are experiencing kernel panics and you are trying to tack them down.
You should be looking at entries that were generated recently in time, or if your kernel panic just occurred, the most recent entry. See if the entry refers to a specific application or utility. If it does, try uninstalling it, restarting, and seeing if things are better.
There are a limited number of things that tend to cause kernel panics, and they are mostly all known. Usually kernel panics are hardware related, or, more rarely, they are related to software that installs deep within, or modifies the OS itself. I, personally, would almost always look for or test these known things first.