Can someone tell me the meaning of the words in these two, short catholic prayers?

As a catholic I understand your confusion, we can be so dramatic. The first prayer simply reaffirms that you recognize Christ's divinity of which he emptied himself to take on his humanity in which his body and blood were offered to atone for our sins. I think this is a dramatic way of saying it and I think your question hit the confusing nature of this prayer right on the mark. The second prayer simply asks God to have mercy for the sake of Jesus suffering. His suffering on the cross is referred to as the Passion.