Channeling means that the ship cannot do anything else while the ability is active. Issuing move or attack orders to that unit while it is channeling the ability will cause the ability to turn off.

Interruptable means that certain other abilities, when used against this ship, can force the ability to turn off. Most abilities that disable abilities or their target in general act as interrupts. Examples of such abilities would be Magnetize, Reverie, Suppression, Distortion Field, and so on.