Dude, of course the stories are fake, they have writers. That's kind of a spoiler right there. Fights, I'm pretty sure, are all choreographed. So yes, the story and entertainment is made up, but the atheletes are real and the excitement is still there if you watch it like a movie and don't nit pick everything that goes on.
Wrestling is definitly fake, but the things they do sometime has got to hurt. We all know that there trained to fall the right way and take punches and chair shots in the face the right way, but I am sure things go wrong from time to time and they do get hurt. So it's fake to some extent. But wrestling is all about entertaining people.
The wrestling is fake, but the pain is real. Sometimes, like in Mankind's Hell in a Cell match, surprising stuff happens (his second fall off the cell was not planned). But it's World Wrestling Entertainment, it's not supposed to be real.