What's a crypto coin? What's a crypto token?

All coins are tokens, not all tokens are coins.
Some tokens are utility tokens in that they provide fuel for a process / rationing system. Ether from the Ethereum platform is a utility token but it is being used as a store of value because it's in demand. The demand is driven partly by a need to own ether to use the etherem platform and (in my opinion) mostly because people want it, so other people want it, so the price goes up so more people want it.
A cryptocoin is designed as a method of exchanging value and that's all. Coins can store value, Bitcoin is a good example of a value store coin. It has no utility other than to hold value for exchange but people want them, so its value rises (so far, on a long term basis)
If an ICO is selling a utility token then be vary wary of investing, it will hold no value unless people value the utility it provides.
If an ICO is offering a coin then be extremely wary because they're looking to swap something which people do value (your coins / tokens) for something which has no proven value at all.
To confuse things further, people use the words interchangably. While it's possible to make profit in real terms from buying into a token sale / ICO there will be a long wait to realise profits or the whole thing will collapse and your investment will wither and disappear. Sorry to be a downer but most ICOs / token sales will result in project failure or were scams to begin with.
Most of the top 10 tokens / coins in terms of value and market cap have been in development and circulating for a year or more and have products or uses which are proven.

Question from the audience: Another silly one for you : wasnt the concept of bitcoin - one currency - so everyone has equal wealth in the end? If so - then why are there different coins coming up....Infact every industry has its own coin/token and now every company is jumping on to it - this in my mind is greed - to again gain control ......

Answer : Quite a lot of it is greed. Effectively it is now possible to print your own money and if people are prepared to exchange your new money for their old (and useful money) then it has value. ICOs are a response to the restrictive regulations of investment opportunities, which do protect investors although they prevent anyone without $10k or $100k from investing at all. The tokens / coins you make are not shares or contract, they're just maths. They are fundamentally worthless even though energy went into their creation.
The main driver behind the creation of bitcoin was the 2007/8 credit crisis (I think). It's an open ledger, so anyone moving bitcoin around is open to scrutiny and there's no way to hide the fraud. That's the theory anyhow. Bitcoin has become an investment mainly because since the credit crunch people have been looking for somewhere to preserve their value and grow it. Banks don't offer good returns, inflation is being crushed, wages are near to static (in real terms down up to 25% from 2008). An anti inflationary currency / commodity with a hard limit to supply is what people wanted and bitcoin works. Importantly bitcoin cannot be taken over by government without vast expense and most legislators don't understand what the internet is so they're hardly going to spend tax dollars on taking over bitcoin.

The underlying blockchain is a great bit of tech, it could be used to remove the need for banks altogether and provide absolute transparency in financial matters. Some consider this disruptive .
Companies offering tokens / coins are either thinking they can get competitive advantage in their business field or they're looking to cut costs. Those with foresight will see that this technology will do to the financial services what robotics has done to product assembly.
J.P.Morgan Chase (?) has made 172 failed patent applications for blockchain type platforms and yet their boss says bitcoin is a scam. Bless him.
Putting on my tinfoil hat for a moment: There are many projects in the crypto currency world which are entirely about putting the boot on our necks but as long as governments don't catch on to the threat to their power too soon, they'll have lost. China saw a threat to their economic control so they've squashed it but bitcoin holders are still able to exchange goods and services without state intervention. People tend to find ways around the imposed rules, so the future is bright! Or it's a radioactive wasteland... but a bright one