It will mean many different things to many different people and mind you some will challenge what these phrases mean to others and insist that each have a specific and certain meaning; therefore each will infuse his or her prejudices (frame of reference) into their answer, and seek validation from others for a shared view which then is said to be truth.

I believe truth is reality, the information, where, what, when, and why's. Yet even when there are many facts of evidence, people will still reject it if not suited to their want. The truth only has meaning on an individual level; universal truth is a fallacy because no two thoughts are ever the same.

The Way is the path, or life path and represents the potential one possesses and the manner that potential depends on a persons choice of direction (decisions).

The life would suggest by wording that there is but one life, and only one shot to live it so each one of us should feel obligated to put in our best efforts; you will be guided by many on how to live life here on Earth but many have not lived your life, but only one gave you life, only one will lead you through life and only one will remain after your life on Earth is never more...

That's a lot to try to work out at one time; huge questions beg more time to answer but I tried anyway...