BGE collision bounds script This script below is very helpful: 

import bge

def update(cont):
    own = cont.owner
    own.reinstancePhysicsMesh()

if __name__ == '__main__':
    update(bge.logic.getCurrentController()) 


What goes in the spaces?
By spaces, I mean what script or property do I put in the
____ _____ blanks of the script? I'm assuming they are for object names.

I'm trying add physics and collisions to my project.
The __name__ and __main__ are as they should be. You do not need to put anything in the underlined places.

__name__ is a variable that either contains the name of the script or the string "__main__" if you run the code in script mode. Again, you don't need to touch them.



I doubt this script will help your issue though. You probably need to look at how to set up a proper character system in BGE. Armatures don't do physics.