Yes, generally Hero is referred to as the person whose hole cards we can see (usually the poster of the hand), where we talk about how we would have played. Villain is the person Hero is fighting the hand with. There could be as many as 9 different villains...but typically there will only be 1, sometimes 2. Typically, villain is going to be someone that is giving Hero a hard time as well...either with annoying bets, confusing play, or otherwise. In this hand, you have two villains since we are questioning what to do after CO raises and in response to BB's bet.