Manifest content - actual dream scenario which is reported by the dreamer. The content of the dream which one is able to consciously remember.
Latent content - Underlying meaning of dream. Consist of unconscious wishes and fantasies which have been denied gratification.
The latent content is motivated by Eros (pleasure) and Thantos (death). These 2 forces are energized by the libido.
Freud's dream interpretations are concerned with the first 3 stages due to the fact that he believed the personality was finished forming by the phallic stage.
When interpreting a dream using Freuds Theories, one looks for gratification of a wish thru oral fixations, control issues, and triangles involving female and male struggles. As well as any dream symbol that could even remotely be associated with sex. Most psychologist find Freuds emphasis on dream images as having sexual representations to be overstated.