Watch and warning: What's the difference?

The National Weather Service issues three types of winter weather alerts: Watch, warning and advisory. According to the NWS:

• Watch – A watch is used when the risk of a hazardous winter weather event has increased, but its occurrence, location, and/or timing is still uncertain. It is intended to provide enough lead time so those who need to set their plans in motion can do so. When a watch is issued, it's prudent to listen to NOAA Weather Radio All Hazards and check the forecast frequently at NOAA's National Weather Service Web site.
• Warning/Advisory – These terms are used when a hazardous winter weather event is occurring, is imminent, or has a very high probability of occurrence. A warning is used for conditions posing a threat to life or property. An advisory is for less serious conditions that cause significant inconvenience and, if caution is not exercised, could lead to situations that may threaten life and/or property.