The MD5 hash is essentially a summation of the data contained in a file, and gives a unique sum. These are used to verify that the file you download is IDENTICAL to the file on the server you downloaded it from. The MD5 hash is a number that is like a thumbprint, so that you know you have the correct file prior to trying to install.
The program I used to verify my X3 downloads is called "FastSum" which has a free trial version. You open the file(s) you want to know the thumbprints on, and it will calculate them for you. Then you can check those against the "MD5 hash" listed on Cakewalk's install site.
Michael