According to wikipedia: "In computer science, a one-way function is a function that is easy to compute on every input, but hard to invert given the image of a random input. Here, "easy" and "hard" are to be understood in the sense of computational complexity theory, specifically the theory of polynomial time problems."
What does "easy" and "hard" mean? Also, please explain why this isn't one way: $f(x) = x^x$. Thanks in advance.
The product of two integers is the best-known candidate for one-way function. It's fast to compute the product of two integers. However, it is not known whether integer factorization can be solved in polynomial time (even though primality testing is in P).
In complexity theory it is common to call easy those computations that can be carried out in time that is bounded by a polynomial in the size of the input by a deterministic algorithm. Here, the size of the of the input is the sum of the number of digits of the two numbers to multiply or the number of digits of the number to be factored.
In practice, an algorithm whose runtime grows with the cube of the size of the imput may already be impractical, whereas an algorithm whose worst-case run time is exponential in the size of the input may find extensive application.
In discussing one-way functions, however, one usually sticks to the simple criterion that identifies easy with polynomial-time. There is one additional detail, though: computing the input from the output of a one-way function should be hard on average---not just in the worst case.
If we knew a polynomial-time algorithm that returns the factorization of an integer with some constant positive probability, then we would rule out integer multiplication as one-way function.
Another well-known possibly-one-way function is modular exponentiation, whose inverse, the discrete logarithm, computes $x$ such that $b^x \equiv y \pmod n$, given $y$.
The fact that $x^x$, as a function from $\mathbb{Z}^+$ to $\mathbb{Z}^+$, is monotonically increasing makes finding $x$ from $x^x$ relatively easy.