What does the datasheet information for a switch mean? I'm clueless when it comes to the information on datasheets for switches. When I see a datasheet for LEDs or servos, I'm used to seeing a fairly straightforward call out for the required volts and amps. 

A project I'm working on now requires turning on an LED using a float switch like this one:
Water Level Switch

The max switching voltage and current values, and minimum voltage info is really throwing me. The minimum voltage, for instance, is 250v DC! Does a $5 switch really require 250 volts? I haven't been able to find many schematics where they are just using a switch like this without a pump or other hardware, but I seem to remember seeing someone run a switch like this with 5v pin. And I'm totally unsure what the current would be/if I need a resistor, etc.
A reed switch like this will not require any minimum voltage. It should work quite happily down to millivolt levels. If you want to switch on an LED from a 5V supply that is switched by the reed switch you will need a resistor that limits the current to no more than
20mA. The forward voltage drop over a red LED is around 2V so your resistor will drop 3V which means it needs to be at least about 150 ohms.