need help with network definitions

can anyone help define and tell the differences of the following networking terms in layman's (very basic and easy to understand) terms?

-channel
-bandwidth
-latency

oh, and am I correct if I make this following analogy (even though I have a good feeling I am wrong)?

comparing network to highways:
bandwidth is like a lane in the highway
the more bandwidth, the more lanes in the highway
connection speed are like cars
the faster the connection, the faster the cars

latency is time a packet/frame takes from source to destination.
Good.

Bandwidth
2 car highway, 4 car highway, etc. The more lanes, the more bandwidth you get.

Channels:
Dedicated lines.. let's say you have a 10 lane highway. 8 are dedicated to uploading, 2 are dedicated to downloading.
You'll see internet saying like 1.5Mb Up, 768kb down. (8 lanes up, 2 lanes down)