Explicitly stated in this verse is the notion that the universe had a definite beginning. It is only within the past few decades that scientific support for the big bang theory of creation has become substantial. Prior to that, many scientists believed that the universe was eternal with no beginning and no end. Thus, in at least this instance, Kabbalah is in accord with modern science.
The Kabbalistic theory of creation holds that the Infinite had to withdraw some of His essence in order for a finite world to be able to exist without being overwhelmed. This contraction of the Creator's being is known as the tzimtzum. A marvelous description of this process that carries overtones of the Big Bang is found in the Zohar:
"It is written: And the intelligent shall shine like the brightness of the firmament, and they that turn many to righteousness like the stars for ever and ever (Dan. XII, 3). There was indeed a "brightness" (Zohar). The Most Mysterious struck its void, and caused this point to shine. This "beginning" then extended, and made for itself a palace for its honour and glory. There it sowed a sacred seed which was to generate for the benefit of the universe, and to which may be applied the Scriptural words "the holy seed is the stock thereof" (Is. VI, 13). Again there was Zohar, in that it sowed a seed for its glory, just as the silkworm encloses itself, as it were, in a palace of its own production which is both useful and beautiful. Thus by means of this "beginning" the Mysterious Unknown made this palace. This palace is called Elohim, and this doctrine is contained in the words, "By means of a beginning (it) created Elohim." The Zohar is that from which were created all the creative utterances through the extension of the point of this mysterious brightness. -Zohar, Vol I, p. 15a"
The creation of the universe is a transition from the Unknowable to that which can be known. Thus, the thirty-two paths represent an introduction of structure into that which is beyond structure. Furthermore, "wisdom" in Kabbalah represents the right hemisphere of the brain, the brain that we associate with the "aha" experience. With the right hemisphere we experience those flashes of truth that then need to be fleshed out by the left hemisphere. Hence, we might paraphrase this first statement as "With a multitude of 'aha' experiences, structure and form were created where previously there had been none."
Man is an olam katan, a small world, and as such, all the creative processes of the universe are mirrored in man. Hence, we start our lives with little or no structure within our psyches, and from this beginning we carve out a universe for ourselves. Because people tend to create very similar worlds, we are able to communicate effectively with one another. Still, the tree that I see is never exactly like the tree that anyone else sees, and thus, each person is a unique world unto themselves. This is alluded to in the Talmud where it is explained that each verse of Torah has several different interpretations and that everyone is obligated to consider the world as having been created for them.
"In R. Ishmael's School it was taught: And like in hammer that breaketh the rock in pieces: i.e., just as [the rock] is split into many splinters, so also may one Biblical verse convey many teachings. -Sanhedrin 34a"
"Every single person is obliged to say: The world was created for my sake. -Sanhedrin 37a"
The thirty-two paths of wisdom are represented diagramatically in Kaballah by the "Tree of Life" which has ten spheres connected by twenty-two paths. Each path, in turn, corresponds to one of the letters of the Hebrew aleph-bet. Additionally, the Torah begins with the letter "bet" and ends with the letter "lamed", and together these letters spell "lev", the Hebrew word "heart" which has a numerical value of 32. Thus, the Torah is a "Tree of Life". An allusion is also made here to the Talmudic story that before we are born, the entire Torah is written upon our hearts and then an angel causes us to forget it right before birth.
"It is also taught all the Torah from beginning to end, for it is said, And he taught me, and said unto me: 'Let thy heart hold fast my words, keep my commandments and live', and it is also said, When the converse of God was upon my tent. Why the addition of 'and it is also said'? - In case you might say that it was only the prophet who said that, come and hear 'when the converse of God was upon my tent. As soon as it, sees the light an angel approaches, slaps it on its mouth and causes it to forget all the Torah completely, as it is said, Sin coucheth at the door. -Nidah 30b"
The word that is used for paths in this passage is "netivot". The usual word for path or road would be "derekh". In this case, however, "netivot" refers to a personal path as opposed to a "derekh", a public path. The implication is that while we all structure our worlds in a similar manner, that structure is, nevertheless, always created on an individual basis. Each person has to discover the experience of good and evil, right and wrong, on his own. There is no public road to God that we can each hop onto. Still, we might say that the Torah gives us the tools and blueprints for building our own path. This teaching is also found in Rabbi Nachman's story of "The Lost Princess". In this tale, our hero must enter the desert and stray from the beaten paths in order to find the King's daughter (i.e. the Shechinah, the presence of God). The interpretation is, once again, that we each have to construct our own pathways, our own connections, to a higher, spiritual presence.
Engraving denotes carving out a space. Hence, when it says that Yah engraved, the tzimtzum is implied. However, because it is written in Isaiah that God's glory fills the earth, the contraction of God's essence in order to create the universe is considered by most Kabbalists to be an illusion. The reality is that God's essence is always everywhere.
"Holy, holy, holy, is the Lord of hosts; the whole earth is full of his glory. -Isaiah 6:3"
By mentioning a variety of appelations for God, we are reminded of God's unknowableness. Thus, the best we can do is to describe God through God's attributes, i.e. through limited ways of experiencing the Unlimited.
"R. Huna said: Whatever things you see are but parts of the ways of the Holy One, blessed be He, as it says, 'Lo, these are but parts of His ways (Job 26:14)'; -Genesis Rabbah XII:1"
The last statement in this verse that God created the universe with text, number, and communication is extremely telling. Text is qualitative while number is quantitative, and these concepts are usually seen as being in opposition to one another. Hence, the underlying foundation of the universe consists of a set of opposing concepts and communication between the two. On the cosmic scale this means that our universe is a consequence of some regions being "hot" and others "cold" and dynamicism is created by a flow of energy from the hotter regions to the cooler ones. On a personal level, "qualitative" refers to the right hemisphere of the brain, "quantitative" refers to the left hemisphere, and it is communication between the two that allows us to generate our personal world of perception.
By looking at the Hebrew in the last sentence, we can discover something very deep. The words for text, number, and communication all have the same three letter root in Hebrew (Samech-Peh-Resh). This reiterates that the division into three is ultimately an illusion. Furthermore, the numerical value of this root is 60+80+200=340. This is also the numerical value of the Name (Shin-Mem, 300+40), and in Kabbalah, the Name is often used to represent the creation. Hence, we also find in this last verse a teaching that the universe is created through the interaction of two opposing processes, but that this split into three is ultimately an illusion.