Convert ISO will take a "regular" ISO, and make it into an Xbox compatiable ISO.
The "Batch" feature is made for continually using the same ISOs in QWIX. Simply load a few, and chosoe batch then save batch. Close QWIX, then open it, and choose load batch to load them back in. I dont see the use for it personally
The MD5 button will generate an MD5 hash of a file. It is used to check file integrity.