Geez, you guys act like you believe that crap is real.
Scripted? - Yes
Fake? - No
As someone who has been around several independent promotions in the Birmingham/Tuscaloosa area (Basically helping on ring crew and setting things up), I can assure you there is nothing fake about the contact and impact. When you are slammed down in the ring, there is nothing seperating you from a bunch of plywood and steel beams except a thin mat.
Do they protect themselves? Of course. They are trained to take a fall and minimize the potential for injury. The basis of wrestling training is taking falls - over and over again. When you are done falling on your back hundreds of times, well, you get to do it some more. Then you get to run the ropes, which are nothing but steel cables protected by plastic/rubber. Then you get to fall some more. After that, maybe you learn how to take other "bumps" - bodyslams and things like that.
Sometimes, however, the people in the ring will decide to work "stiff" - meaning the punches, kicks, etc. are coming at you full force. Working stiff is more acceptable in Japan as the audience likes the hyper-realism style. A wrestler by the name of Vader was working with Stan Hansen in a match. Both were known to be extremely stiff, and both were huge stars in Japan. Hansen, who was pretty much legally blind, hit Vader so hard with his punches... one of Vader's eyes popped out of its socket during the match, only to have Vader put it back into place. The stiffness of the match is dependent on the two workers. Sometimes they agree to beat the snot out of each other in the hopes of getting a good reaction, sometimes people that don't like each other in real life (Typical co-worker problems, ego problems, etc.) will be in together and one will give the other a stiff shot, sometimes it is used to put someone else in line or teach a rookie a thing or two.
Still, the concept of everything being "fake" is insane. A large portion of wrestling fans know everything is scripted, but they still watch for the entertainment aspect, just like a movie or television show. Over the past decade or so, the major promotions have even gone away from trying to present things as being real and unscripted.