I posted this in SamuraiJack's plog, but I think it belongs here (slightly edited and expanded):
Digital Photography 101
(abridged)
ISO= The gain applied to the CCD signal. Lower ISO settings give you lower noise, but longer exposure time or larger aperture is needed for the same exposure. ISO numbers double for each step. (25,50,100,200,400,800,1600)
F-stop (Aperture) = The area of the hole the light shines through. Higher F-stops let through less light, increasing depth of field (the range of distances from the camera that are in focus), but requiring more exposure time or higher ISO for the same exposure. F-stops double alternately. (1.4,2,2.8,4,5.6,8,11,16,22,32)
Shutter Speed = The length of time the CCD is exposed to light. Higher shutter speeds freeze action and reduce the effects of camera shake (hand held) but require higher ISO or larger aperture (smaller F-stop) for the same exposure. F-stop steps approximately double for each step. (1/8000,1/4000,1/2000,1/1000,1/500,1/250,1/125,1/60,1/30,1/15,1/8,1/4,1/2,1,2,4,8,15,30)
ISO, F-stop and Exposure have a simple relationship. Each step of change in one value must be compensated for by one of the others to maintain the same exposure. For example: You have a perfectly exposed picture taken at ISO 50, 1/30s shutter speed and F2. If you changed your ISO from 50 to 100 your exposure time would have to drop from 1/30th second to 1/60th second or your F-stop would have to be raised from 2 to 2.8 to maintain the same perfect exposure.
For the best quality pics of projected images:
Take your picture at the max aperture, (smallest F-stop) because depth of field is unimportant with a fixed distance from the camera to the screen, and you'll get less speckled, grainy noise. Caveat: most lenses, especially zoom lenses, are sharpest at or near F8. Test your camera and use your judgment here.
Use the lowest ISO setting. CCD noise (usually) increases dramatically at higher ISO settings. Some newer cameras do an excellent job of reducing noise, however, very low ISO settings make for long exposures and more noise because it's harder to compensate. Test your camera and use your judgment here.
Adjust the shutter speed until you get the right exposure. ALWAYS use a tripod or table or whatever to keep the camera from moving while taking the picture. You probably have a self-timer on the camera. Use a time delay to let the tripod stop shaking while you take your hands off. Long exposures can increase CCD noise as well, but usually not as much as a higher ISO. Now that your camera isn't moving, pause the show so Leeloo stops moving.

Each step in aperture and exposure time represents double or half the amount of light hitting the CCD. Each ISO step is double or half the gain (sensitivity). This means that your camera is a light meter!
If you can see what settings your camera is using before or after it takes a picture (EXIF data), you can use this information to get an idea of the relative change in image brightness when you are making changes to your projector. Take a reference shot of a white screen (the screen should fill the image with no borders around it) and record the ISO, F-stop and shutter speed. Don't change the zoom or position of the camera. When your modifications are completed, take another shot and compare the settings with the first one. Your light has doubled for each step your shutter speed drops or aperture closes (bigger F-number). Caveat: Your camera's light meter is probably center-weighted, meaning that the light levels in the middle of the image have an effect on the exposure than at the edges. An adjustment that only effects the corners will be largely ignored by the camera's meter, even though it greatly alters the total brightness.
You could (possibly) use your camera as an absolute light meter by setting the exposure relative to a known source (sunlight on a white surface?) and comparing to a fixed projection area. I'm gonna have to think about that one.
Unabridged Link that doesn't suck:
http://www.fredparker.com/ultexp1.htm