Throttling isn't related to overclocking exactly, at least not going by the old classic definition of it. Modern processors can dynamically increase and decrease its clock speed to either provide more battery life for lighter tasks, or hop it up for more demanding applications. CPUs are now rated at minimum and maximum (turbo mode) clock speeds. Like with the new Broadwell M processors, they're rated for 800MHz low, all the way up to 2GHz high.
Overclocking back in the day was when people would adjust the CPU multipliers and bus speeds on the motherboard to get their chips to run faster than their rated default. This, as far as I know, isn't something you can do on a Mac, so it's not worth worrying about.
Wattage is what it sounds like, how much power the processor requires to do its thing. I could get into die size, and stuff like that, but it's main concern is how much battery power it'll be eating, with lower wattage processors obviously providing much longer battery life.
...and TWP? Not sure about it. It's not something I commonly hear, or I hear it by another name.