The Pathauto module generates URLs automatically depending on the path provided for each content type specified, and the title of your content. It also does iteration so you can drop out unneeded punctuation and words. Don't forget to create a new path when you setup a new content type, otherwise it will create the default path for all nodes.

The Token module is a key component for some modules and allows for smaller bits of information to be passed between modules with placeholders. This allows for the information to be placed into larger documents dynamically.

Token module is part of Drupal 7 core!