Blood can be separated into components like red blood cells, platelets, fresh frozen plasma, and cryoprecipitate through centrifugation. Each component has a specific preparation method, storage requirements, and clinical indications. Red blood cells are used to treat anemia, platelets are given to increase platelet count for procedures or bleeding risk, fresh frozen plasma contains clotting factors and is used for clotting factor deficiencies or warfarin reversal, and cryoprecipitate contains high doses of factors VIII and fibrinogen for treating hemophilia or low fibrinogen levels.