V.A.T.S doesn't exsist in the originals. V.A.T.S was introduced into FO3 as a psuedo tribute to the aiming feature in the originals. It is quite redundant however, as you can take aimed shots in real time.
Fast shot as a trait just means you can shoot weapons for 1AP less then normal. But you cannot take aimed shots, as is explained before you select the trait. Traits have an upside and a downside. With Fast Shot you will only be able to target your enemy, and not specific regions of their anatomy. You can either start again, or wait until you can take the "Mutate!" perk at level 9 to change your fast shot trait for another.
You will be able to see your enemies statistics if you examine them. You can bring up the examine arrow by right clicking. For more information on point and click features in Fallout 1 & 2, press your F1 key in-game for a crash course, or examine your manual.