Lipids are organic compounds formed from fatty acids and fatty alcohols like glycerol or sphingosine. They are insoluble in water but soluble in organic solvents. The main classes of lipids are triglycerides (fats and oils), phospholipids, and steroids. Triglycerides consist of a glycerol molecule bonded to three fatty acid chains and are the main constituents of body fat. They provide energy, insulation, and protection for organs. Essential fatty acids like linoleic and linolenic acid cannot be synthesized in the body and must be obtained through diet.