Can someone explain the whole fellowship thing. I'm only a first year, so I'm kind of confused how the fellowship stuff works. Also, what kind of opportunities are available through a fellowship?

There are tons of opportunities and various field that fellowships are offered. Some fellowships are a few weeks long, such as the Ilizarov fellowship in Russia offered through ACFAS,while others many to a year long. They are various subjects such as the diabetic foot/limb salvage, vascular surgery, orthopedics, sports med, ect.

The main purpose of the fellowships is to increase ones knowledge in a specific area after residency. If you knew you wanted to work in limb salvage and be the best in that field it would behoove you to increase your experience in that subject. This is were the fellowships come into play. Some residences will give you an opportunity to complete the shorter fellowships during your third year making it possible for you to complete you education in its entirety in three years.