Latent Heat:The amount of heat absorbed or released by a substance during a phase change - this would be equivalent to how much water comes out when we squeeze our imaginary towel!
Vaporization:The opposite process where liquid turns into gas - imagine releasing your grip and letting water soak back into the towel again!
Condensation Point: The specific temperature at which condensation occurs - this would be like the specific amount of pressure needed to start squeezing water out of the towel.