From a Fundamentalist standpoint, what does the phrase "Inspired, infallible, inerrant Word of God" mean?

Many denominations teach that the Bible is the "inspired, inerrant, infallible Word of God." Detractors of Christianity, and even some denominations within Christianity, disagree with all or some of those three descriptions. Quite often, they counter with examples of errors in the Bible, or in various translations that show errors (such as the Wicked Bible's translation of Exodus 20:14 ). Various questions and answers on this site have touched on one or all of these three statements, but we've yet to have an answer that describes how all three of these Biblical statements relate to each other, and to the nature of Scriptures. Granted, there are different understandings, and per the site guidelines, I want to keep this scoped to the classic Fundamentalist understanding of the statement - namely that of the Churches and traditions that hold that the Bible *is* the inspired, inerrant Word of God. I want to have this in layman's terms, in order to address the straw-man arguments leveled against the statement.