Let's see if I can help ya out.

On RAW:

-- It seems that they are starting a rivalry between Triple H and the Big Show. The Big Show was highly pissed off at HHH after the beating he gave Ric Flair at the last PPV. So Show said that HHH would get what was coming to him real soon. Now that both HHH and Show are disqualified from the Elimination Chamber match, expect those two to have a one-on-one match at the PPV.

-- Kurt Angle has two ongoing rivalries: one with HBK, the other with Mark Wahlberg...er...excuse me, John Cena. His beef with Michaels stems all the way back to last year's Royal Rumble, when Michaels eliminated Angle. They had a match at Wrestlemania 21, where Angle made Michaels tap to the Ankle Lock. They had another match at some other PPV where Michaels beat him. They had a "rubber match" soon thereafter. They fought to a draw in a 30-minute Ironman Match.

Angle's beef with Cena is pretty simple. He wants the title, and he doesn't like the way Cena portrays the company as their top man.

-- Edge doesn't get along with anybody except Lita. He won a match back at WM21 called the "Money in the Bank Ladder Match." The winner of the match was guaranteed a title shot within a year. That's why he carries the briefcase around with him everywhere he goes.

-- Big Show and Kane had a rivalry going on with SmackDown's Rey Mysterio and Batista, but that ended at the last SmackDown PPV.

That's all I can think of for RAW. Somebody else can add more. Now onto SmackDown!

-- The Boogeyman is some weirdo, Papa Shango wannabe who eats worms and scares the sh*t out of his opponents.

-- There is currently no one in the title race on SmackDown!, as Batista (the champ) is injured, and so they only really have him competing in tag matches.

-- The rivalry between Randy Orton and Undertaker just ended last Sunday at Armageddon (presumably anyway), when Taker defeated Orton in a Hell in a Cell match.

-- Bobby Lashley is currently running through the entire SmackDown! lockerroom. This guy is a beast!

I'm probably forgetting a whole bunch of stuff. I'm sure Mig or DMC will be able to further elaborate.