The standard camshaft specs are really just a shorter way to define the valves opening and closing points.
Example: Comp XE262H big block Mopar cam specs are 262/270 @ 0.006" lobe lift, 218/224 @ 0.050" lobe lift, 110 lobe separation angle (LSA in cam degrees), 106 degree intake lobe centerline.
http://www.compcams.com/Company/CC/cam-specs/Details.aspx?csid=706&sb=2
All the duration numbers above are in crankshaft degrees, except the lobe separation angle (LSA). The LSA determines how much "overlap" the cam has as from the time the intake opens to when the exhaust closes.
The cams intake and exhaust duration and the lobe separation angle are ground into the cam, while the Intake Lobe Centerline (ICL) is the recommended installed position of the cam to the crankshaft.
So using the recommended 106 Intake centerline installed position, the open and closing points of the cam are:
Intake Opens: 25 Degrees Before Top Dead Center (TDC, when the piston is at its highest point, closest to the cylinder head.)
Intake Closes: 57 Degrees After Bottom Dead Center (BDC, when the piston is at its lowest point, furthest from the cylinder head.)
Because the difference from TDC to BDC is half a circle, or 180 degrees, you would add the 25+180+57 = 262 degrees intake duration.
Exhaust Opens: 69 Degrees Before Bottom Dead Center (BBDC)
Exhaust Closes: 21 After Top Dead Center (ATDC)
Again, adding the numbers together gives 69+180+21 = 270 degrees exhaust duration.
Changing the installed Intake Centerline, will not change duration or overlap, but it will change the open and closing events.
For example installing the cam with a 108 intake centerline gives these open and closing events:
Intake Opens: 23 Degrees BTDC
Intake Closes: 59 Degrees ABDC
Exhaust Opens: 67 Degrees BBDC
Exhaust Closes: 23 Degrees ATDC
In this case the overlap of where the intake opens and the exhaust closes are equal, and is referred to as "split-overlap".
Usually the installed position is slightly advanced of split-overlap to account for timing chain stretch, but often cams are also advanced to close the intake sooner to increase the compression pressure.
The intake closing point is used to calculate (estimate) the compression pressure, but that is another topic.
In very general terms, duration determines the engine RPM range where it makes best power. Lower duration makes more low RPM power, and Higher duration makes power at higher RPM levels.
Overlap, a combination of duration and lobe separation angle (LSA):
A narrow Lobe separation angle (example 106 degrees) creates more overlap. This usually has a rougher idle because the exhaust and intake are open at the same for a longer period. The torque curve may peak higher in the mid to upper RPM range.
A wide LSA (example of 112 degrees) has less overlap. Usually a smoother idle, and a flatter torque curve through the RPM range.
Again those are very general because overlap is a "Combination" of overall duration and LSA.
Lobe lift:
More lift for a given duration is generally better for power, but harder on the valve train.
With more lift, RPM, and valve train weight, you need stronger springs and pushrods.
Directly related to lift is checking for valve train binding with the valve springs, valve guides and seals, and rocker arms.
Piston to Valve clearance:
This is related to duration, overlap, and the cams installed position, not advertised max lift.