台 is pronounced tάi in the second tone. It means platform, stage, terrace.
湾 is pronounced wān in the first tone. It means bay, gulf, a bend in a stream. Note the water radical (three dots) on the left side of the character 湾 which denotes that the word has something to do with water.
台湾 is an island-state situated 99 miles off the south-eastern coast of Mainland China in the Pacific Ocean. Majority of the population came from the neighboring province of Fujian in China and speak Chinese.