Definitions:
Tornado Watch/Warning – Conditions are favorable for the development of severe thunderstorms and tornadoes in and close to the watch area. These watches are issued for large areas by the Storm Prediction Center in Norman, Oklahoma, and are usually valid for five to eight hours.
Severe Thunderstorm Watch/Warning – Conditions are favorable for the development of severe thunderstorms in and close to the watch area. A severe thunderstorm contains large damaging hail of 3/4 inch (20 mm) diameter or larger, and/or damaging winds greater than 58 mph (95 km/h or 50 knots) or greater. Isolated tornadoes are also possible but not expected to be the dominant severe weather event. These watches are issued for large areas by the Storm Prediction Center in Norman, Oklahoma, and are usually valid for five to eight hours.
(Flash) Flood Watch/Warning – Conditions are favorable for (flash) flooding in and close to the watch area. These watches are issued by the Weather Forecast Office and are usually issued six to twenty-four hours in advance of expected flood potential. In Canada, a Heavy Rainfall Warning has a similar meaning.
Flood Watch/Warning – General or areal flooding of streets, low-lying areas, urban storm drains, creeks and small streams is occurring, imminent, or highly likely. Flood warnings are issued for flooding that occurs more than 6 hours after the excessive rainfall. These warnings are issued on a county by county basis by the local Weather Forecast Office and are generally in effect for 6 to 12 hours.
Winter Storm Watch/Warning – Hazardous winter weather conditions that pose a threat to life and/or property are occurring, imminent, or highly likely. The generic term, winter storm warning, is used for a combination of two or more of the following winter weather events; heavy snow, freezing rain, sleet and strong winds.
High Wind Watch/Warning – Sustained winds of 40 mph (65 km/h) or greater for a duration of one hour or longer or frequent gusts to 58 mph (93 km/h) or greater.
Even more detail can be found here.