The spongy disc between your fifth and sixth cervical vertabrae (which is made of a jelly like substance and acts as a shock absorber) has become pinched and is not only bulging inward towards your spinal canal but has also apparently sustained a small rupture (that's the protrusion listed)--some of the contents of the disc have spilled backward towards the spinal cord. (Ventral is the front and dorsal the back.) If there were frank compression of the cord itself I imagine it would have been noted.

You also have a similar bulge in the disc between your sixth and seventh cervical vertebrae, a little more right than left. This one is apparently not ruptured (herniated).

You do not seem to have any foraminal compromise--the foramina are the openings at the side of the vertebrae through which nerves that connect to other parts of the body connect with the spinal cord. Sometimes disc bulges that are "off-center" can encroach on those spaces and compress those nerve roots.

This is not an MRI report that most people would have imminent surgery recommended for--but what are your symptoms?