What is UV unwraping and what do the different unwrap options mean? In what ways can we cheat unwrapping? As a beginner, I wanted to know, what UV unwrapping is and how it works.

What is it used for? Is UV unwrapping necessary or can we cheat it?

What do the different unwrap options mean and in what situations do we need to use them in?
When you want to use a texture on a object than you may need to unwrap faces, yes you can live without it in the beginning.

How it works: Blender has a dedicated layout for upwraping, follow the menu below:
 

If you want to skip the UV mapping, you can apply the materials (a solid color) on object.