When I was induced, they gave me an .I.V with the synthetic hormone .Pitocin in it to start contractions. You have a needle/catheter thing in your arm attached to a bag of fluid. They might also use a tablet or gel to help ripen your cervix.
Stripping membranes means your doc (or whoever) will separate your bag of water from where it's attached to your cervix. This is done during a pelvic exam, usually with his/her finger. I never had it done, but it's supposed to be uncomfortable.
Your membranes is another word for the bag of water that the baby is in.