What is the difference between a 2-way and a 3-way speaker?

What is the difference between a 2, 3 and all the different way speakers?

 

 2-way speaker's crossover splits the frequency band into two ranges: bass frequencies go to the woofer, and treble frequencies go to the tweeter. In a 3-way system, the frequency band is divided into three ranges. The middle frequencies are sent to a third driver commonly referred to as the midrange. More times than not a three way system will have better sound quality because of the more advanced dividing network. Some companies even make a 4 & 5 way systems that would include an additional super tweeter.