sreenath,
The stickout is the distance from the end of the gas nozzle to the end of the wire. Setback is the distance from the end of the gas nozzle to the contact tube (which is up inside the gas nozzle), and electrode extension is the distance from the end of the contact tube to the end of the wire. Standoff is the distance from end of the gas nozzle to the work piece.
The melt off rate of the wire is governed by the current. If the wire speed is increased, the current increases. Machines have a self-regulating constant potential system in that changes in the standoff will result in a change in the arc current. For example, moving closer to the work reduces electrical resistance and burns off wire quicker.