Qualifications for teaching higher ed???

I will be completing my B.S. and M.S.Ed in EarlyChildhoodEd very soon (about 6 months apart). I plan to teach for awhile and eventually make to transition to teaching at a community college and eventually a college/university. I have researched and found that some colleges want instructors to have a Ph.D while others will accept a Masters. Also, what is the difference b/t Professor, t Prof, Instructor, Lecturer, etc? Will being a T.A. while completing my Masters be very beneficial?