A brief description of locking hubs (by someone who *thinks* he understands them): When you put your truck into 4WD, two things happen. First, power is sent to the front driveshaft by the transfer case (the thing with the 4WD lever sticking out of it). The front driveshaft starts spinning, which spins the front differential, and then the two front axle shafts (also called half shafts).
Locking (and unlocking) hubs are used to connect the spinning front drive axles to your wheels so that they will be powered. As soon as the axle shafts start spinning, the auto hubs lock the wheel to the axles - and voila! The front wheels start receiving power.
Some vehicles don't have locking and unlocking hubs - they are just locked all the time, which forces all of the front driveline to spin even when you're not in 4WD. Other vehicles (mostly older ones and modified newer ones) have manual locking hubs where you have to actually get out of the truck and twist them to lock them. This is a PITA (pain in the ass) but they are stronger than the stock auto ones and won't come unlocked accidentally
With auto hubs - that's it. They engage automatically. The only thing to remember is to back up several feet after taking it OUT of 4WD so that the hubs will unlock (if you listen VERY closely while starting to back up you can hear them go click-click as they unlock). The reason you can't shift into 4HI faster than 25mph or so is that it places too much stress on the hubs to go into the locked position at that high a speed and could break them.
You probably didn't hurt anything by shifting into 4LO with what you did - but do it in Neutral while completely stopped from now on... it is easier on the truck.
Speed in 4HI - there is no limit on how fast you can drive in 4HI vehicle-wise (though intelligence should limit you
). The REALLY IMPORTANT thing to know is when to use 4WD and when NOT to use 4WD. Never use it on paved roads (unless you're in several inches of water or other extenuating circumstances). The tires HAVE to be able to slip when you make turns in 4WD. If you're on pavement and turn, tremendous stress if placed on the driveline and it can potentially break.