Speed climbing is just something made up for the telly.
The correct terminology for this would be:
Gordon is rock climbing, he is leading a bolted route.
The "leading' refers to the way he is trailing a rope behind him and clipping into the fixed (bolted) protection as he goes. This differs from some one having already been to the top of the route and the rope already being in place above him. If he falls he can go quite a way
The term 'free climbing' come from a time when climbers used aid a lot. Aiding a route is about placing gear into the rock and using it (pulling on or stepping on it) to "aid" upwards progress. As climbers and climbing techniques improved climbers started to go back to these routes and climb then 'free' from aid, they freed them, hence free climbing.
The route Gordon is working on here is harder than anything he has done before at right at the limits of his physical ability. He can do all of the individual moves but cant do them all in sequence without a fall just yet. He's not far off though, there is a good chance it will go this weekend coming.
Because no one else has climbed this route before Gordon will earn the right to name it.
Sorry for the long answer
hope it makes sense