SOAP (Simple Object Access Protocol) is protocol for exchanging data in well known interoperable format based on XML.
WSDL (Web Service Description/Definition Language) is well known XML based language for description of web service interface. It describes contract of the service independently on the platform where service was developed.
WS* is name for large set of interoperable protocols which add additional features to web services. For example WS-Security describes interoperable way to secure messages and to transport credentials in secure way. WS-Policy allows extending WSDL with description of other WS* protocols used in web service, etc.
If you want to be skilled WCF developer you basic understanding is enough. If you want to be WCF expert and want to deal with interoperability, you will need more than basic understanding.
I took the first one. It covers exactly what is desribed here.
If your industry uses Web services or if they plan to use them than you need some API to easily consume them or expose new ones - WCF is exactly that API.