Choose fast if you want the camera to increase ISO rather then use a larger aperture or slower shutter. This will give you images with more ISO noise/grain, but keep your fast shutter speed and/or small aperture (large depth of field)
Use slow if you want the camera to keep the ISO low, and rather adjust the other two parameters. This setting will give you less ISO noise/grain, but at the expense of depth of field and/or shutter speed.
Normal is normal
Something in between.
Fast, normal or slow indicates the priority in which the camera changes ISO. In P mode the fast setting would be "shutter speed & aperture priority", and the camera changes the ISO before it messes with shutter or aperture. Where as in "low" it's a "ISO priority" and the camera alters your shutter speed and aperture rather then turning up the ISO.
I hope you understood me (English is not my first language). Someone please correct me if I'm wrong.