The kidneys regulate fluid volume through urine production and reabsorption. They can conserve water by producing concentrated urine or eliminate excess water by producing dilute urine. Hormones like ADH, aldosterone, and ANH control this. Sodium levels are regulated by the renin-angiotensin-aldosterone system and ADH. When sodium is retained, potassium is excreted and vice versa. Reabsorption and secretion occur through different mechanisms along the nephron, determining what passes into urine.