This video was taken while drilling a gas well in Pike County, KY. It's pretty straightforward as to what's happening in the video but I'll explain the fundamentals. The drill rig consists of several parts: the swivel, kelly, turntable or rotary table, drill string and drill bit(s). The swivel holds the weight of the string and allows it to rotate. The kelly is a four or six-sided pipe that transfer the rotary motion to the turntable and drill string (it's the kelly you see getting pulled out of the well head. The drill string consists of drill pipe (30' or 10m) and the drill collars that fit over the pipe and places weight on the bit. The bit itself is the cutting tool. In this video, the swivel is raised and pulls the drill string out of the blowout preventer so that another piece of drill pipe can be connected and sent down the hole.
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