The High Priest will kiss the feet of the female initiate (or the High Priestess with the male initiate) and say, 'Blessed be thy feet, that have brought thee in these ways.'
It is an acknowledgement of the personal pathway into Wicca. It's akin to saying, 'you've arrived at my door, let me welcome you in.'
The third and fourth kisses are pecked onto each knee, with the words, 'Blessed be thy knees, that shall kneel at the sacred altar'.
If the feet symbolize the physical, practical journey towards Wicca, then this resonates more with the inner journey. 'Altar' can mean a piece of furniture, but mostly it means the entire of nature. The kneeling is basically meditation.
Next there will be a kiss over the lady's womb (for men, this is between the pubic hair and the navel). This is to honor fertility in all nature, as evidenced by the words which are spoken, 'Blessed be thy phallus/womb, without which we would not be'.
Obviously this is not a son or daughter performing the blessing, as that would be redundant in context. A child can be seen as already being part of the parent. The person administering the kiss is representing deity. (S)he has just stated that the person receiving it is a parent. In short, this is acknowledging the divinity in the initiate.
The sixth and seventh kisses are given on each side of the initiate's chest. The words will be, 'Blessed be thy breast(s), formed in beauty and in strength'. The plural is for a woman, as it just sounds weird saying 'breast' when she patently has two. I've heard the plural used for a man too, so take your pick.
While we're on the subject of changes to the wording, this is the single most altered line from coven to coven. The originally published Gardnerian version made a further gender distinction. Men would be welcomed with 'blessed be thy breast, formed in strength', while women heard, 'blessed be thy breasts, formed in beauty.'
The debate raged throughout much of the latter part of the 20th century. The meaning has been a little lost in the discussions about male beauty and female strength. Dianic Traditions have been particularly scathing of the fact that women appear to be designated mere objects of beauty here.
The Five-fold Kiss traces an initial journey into Wicca. The kiss at the feet denotes the physical quest into the religion; followed by the inner quest. The kiss at the womb/phallus talks of the individual as a deity, and as part of the natural world, which is all the same thing in Wicca. Continuing on from that, the kiss at the breast is meant to signify that this divine aspect is quite wonderful.
The only problem is with the adjectives actually used to communicate that. This is why most covens now just combine the two. Regardless of gender, the individual's worldly presence is both beautiful and strong.
Finally a single kiss is placed upon the lips, with the words, 'Blessed be thy lips, that shall utter the Sacred Names.' You're divine. I'm divine. We're all divine. So whose names are you being entrusted with? That's the less obvious meaning behind this kiss. The overt one is exactly what you would expect - the names of the celestial Gods and Goddesses.
Remember that the head is also spirit and this is where the final kiss was planted. So much of Wicca pings off ancient Celtic lore and this is no exception. Legend and history alike combine to tell us that the early Celts viewed the head as the center of life-force. Wiccans continue to place spirit in the head. The final kiss brings together individual, pathway, deity, nature and spirit.
The Five-fold Kiss is not used in self-initiations, so those seeking to be a solitary practitioner need know this for information only. However, those still wishing to do it need only to remember that they are divine too. Instead of kisses, bless some water and dip your finger into it, then speak your own blessings, as you splash the water into the appropriate places.