The document discusses lipids, which are organic compounds that are generally hydrophobic and insoluble in water. Lipids serve several important functions in the body: as solvents for fat-soluble vitamins and hormones, preventing water loss from the skin, as essential parts of cell structures like membranes, providing insulation, and as a storage and source of energy. They are composed of glycerol and fatty acid molecules and are broken down into fatty acids and glycerol with lipase enzymes.