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A "cam" just means that it has a more aggressive, bigger, wider, cam lobe allowing for a longer time for the valves to be open... I think. Atleast that's what I've decided. I could be wrong.
For more help on how the cam[shaft] works, click HERE
LS1 and LS2 are engine codes. LS1 refers to the 5.7L V8 that debuted in the 1997 C5 Corvette and was in then put into Camaros and Firebirds until their production was stopped. It's a very capable engine with great potential and a large aftermarket. The LS2 is the newer 6L V8 in the C6 Corvette and 2005 GTO. It makes 400hp opposed to the (roughly) 350 from the LS1. It was never in Camaros or Firebirds.
Cam refers to a camshaft, or the piece of an engine connected to the crankshaft by a belt or chain that determines the rate and timing of the opening of valves in the top of the combustion chamber. The valves let in the air/fuel mixture and are an escape port for exhaust remaining after the mixture combusts.