MAF (Mass Air Flow) measures the air coming into the engine. It's attached to the intake after the air filter and before the throttle body.
O2 (or more correctly, "Heated Exhaust Gas Oxygen Sensor" - HEGO Sensor) measures the oxygen in the exhaust in order to determine the amount of fuel to inject in the engine.
If the mechanic read codes from your engine and used that to determine that your fuel mix is "light", then he is probably correct that your O2 sensor needs replacing.
It's pretty easy, with a socket wrench and a special socket with a slot in the side for the wiring. You could also do it with an adjustable wrench or open end wrench (7/8" or 22mm IIRC) if there is enough clearance. Just make sure to spray some penetrating oil on the sensor threads before attempting removal (I recommend PB Blaster), and use some anti-sieze on the threads of the new sensor (most come with a small packet in the box).
Also, VERY IMPORTANTLY, do this when everything is cold. The sensor is heated to a very high temperature when the engine is running.