No, 60" is the lenght of the bow. When it's strung its lenght is around 56" and that's the lenght of your string. The other important thing is the so called "brace height" - that's the distance between the string and the deepest part of the riser (usually in the handle area). As far as i remember the BH of your bow should be around 7" - you can measure it and if it's not near this you can adjust it by twisting or untwisting the string (but first make sure it must be 7" :) ) The poundage of recurve bows is measured at a certain draw lenght - usually 28" (i've seen some bows measured at 29 or 30" also), so your bow is 50#, but if drawn to 28/29" (not sure which). If your DL is longer the bow will be a little havier, if shorter - lighter.
Oh, and you're not a dumb ass, when i've started archery with serious bows i didn't know any of the terms and i guess all other newbies are the same :D
Draw length = the length you draw the arrow.
One way I use for traditional beginners is to hold an arrow with the nock end in the bottom of your neck with your arms extended along the arrow. Where your tips of your fingers end get someone to mark this point and then measure it. It will be your approximate draw length. Lots of different ways to do this but I've found this to be reliable. :)