Rotating Systems - Swivel:

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Swivel: The swivel is the heart of the rotary drilling system, it transfers water at high pressure through the drill  stem to the drill bit, which cools and lubricates the bit as it drills, and flushes and forces the cuttings up  and out of the borehole.  Drilling a well that is more than twenty to thirty feet deep will be rather hard if not completely impossible, without a swivel that has a high volume and a huge capacity. Swivel of the smaller kind are generally fitted to the common drilling rigs available in the market. Swivels are inexpensive and easily accessible and available in plenty as well.
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Kelly: A long square or hexagonal steel bar with a hole drilled through the middle for a fluid path. The kelly is used to transmit rotary motion from the rotary table or kelly bushing to the drillstring, while allowing the drillstring to be lowered or raised during rotation. The kelly goes through the kelly bushing, which is driven by the rotary table. The kelly bushing has an inside profile matching the kelly's outside profile (either square or hexagonal), but with slightly larger dimensions so that the kelly can freely move up and down inside.
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Kelly bushing:
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Rotating Systems - Swivel:

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