Harvey's right on the money. But let me throw 2 cents in to try and explain it in a more basic way, so that folks can really get a grip on the basics of the problem. I'll use a little bit of EE gobbletygook here, but hopefully it'll help and not hurt...
We'll start out with just DC resistance, and leave impedance for later. In circuit design, there's the concept of what's called an "ideal voltage source". This mythical beastie is a voltage generator that puts out the same voltage no matter what you do to its output load. Let's imagine just for a second an ideal 9V battery, for example. Hang a 1ohm resistor across it, and the voltage stays put at exactly 9 volts. But other fun things happen: if the voltage across that resistor is 9V, then the current passing through it will be 9 amps (according to Ohm's Law: V=IR). Even more fun, the power dissipated by that resistor will be 81 watts: Pd = IsquaredR. Things'll get right toasty, no? Put a dead short across that puppy, and the voltage would still be 9V, and the current would be infinite. And the power would be infinity squared. Now, that'd run the Big Muff Pi for a while...
Needless to say, there _is_ no such beast. Take a real 9V battery, and put a 1ohm resistor across it, and the voltage will drop down to abut 1V, and you'll only get 1amp- and not for long, either.
So where'd the rest go? For the purposes of argument, we can model that good ol' coppertop as an ideal 9V source, that just happens to have a 8ohm resistor in series with it. When we stick our 1ohm load on, 8volts is dropped across the 8 ohm resistor we can't see (because it is an internal part of the battery), and only 1 volt is is left for us to use, and it gets dropped across our 1ohm external load. That's called Kirchoff's Voltage Law, if anybody is still reading now: the sum of all the voltage drops must be equal to the sum of all the voltage sources. Between Ohm and Kirchoff, you can get a handle on just about any circuit problem in the audio frequency range.
Here's the key. If the voltage sags under load, it has to be going _somewhere_. And how much it changes with a known load lets us figure out what the internal resistance of the battery is. Viola: we just determnined that our 9V coppertop is actually a 9V voltage source with an output *resistance* of 8 ohms! No matter what we do, that 8 ohm resistor is always there, inside the battery where we can't see it.
So your question about output impedances really maps right back to DC. How does the output change in the face of a known load? Measure the sag, and you can calculate the output resistance (the internal resistance that exists in all real-world cricuits). Plot the sag with respect to frequency with using an AC signal, and you can kindasorta average the resulting curve and assign an output _impedance_ (a frequency-dependant resistance, if you will). It'll change with the exact frequency, but you can get a handle on it. So the output impedance is actually a measure of how the output will change under load.
Now, why does this matter for mics and guitars? Capacitive loading. The behavior of a piece of cable is a pretty simple thing at audio frequencies. The cable will have some capacitance per foot (for round numbers, let's say 50pF: fifty picofarads per foot). Let's see what happens using a cable made of that wire with a 100ohm mic and a 10Kohm guitar pickup, just for jollies. To make the math less painful (and more familiar!), let's use a 20 foot cable. That's 20*50pf, or 1E-9Farad for the whole cable.
The source (whether it's the mic or the guitar) and the cable form a simple lowpass filter. The source wants to push signal up the cable, the cable wants to load down the high frequencies: at DC, a capacitor looks like an open circuit, but as the frequency goes up more and more current will pass through it. You're gonna have to trust me on this one, but you can calculate the -3dB point (the rolloff) of a simple lowpass like this- it is 1/(2*pi*R*C). With the low impedance mic, that comes out to be 1/(2*pi*100*1E-9), or 1.59E6 Hz. 159kHz, even higher than the stuff that bothers the dogs. That cable doesn't kill the highs from the mic *at all*: the source impedance is low enough to overcome the capacitive loading.
The guitar, however, is a different story. Same equation, but lookee here at what that much higher 10Kohm source impedance does: 1/(2*pi*10000*1E-9), or 15.9E3. That decimal point marches the wrong way 2 places... You're down 3dB at 15.9 kHz! Right in the middle of the "air" range... That's why you don't use StarQuad for your Telecaster.
The capacitance of the wire doesn't exactly eat the highs: but filter that is created by the circuit of guitar and cable *taken together* can't push the highs out the other end of the wire. The source impedance is too high to overcome the capacitive loading. The problem is _not_ the wire, it's the combination of wire and source impedance. Make sense?
If the signal changes with loading, the output impedance is the reason: the signal has to be going _somewhere_. These are grossly simplified, but hopefully they'll make some sense.
If anyone's still reading at this point, you deserve a prize....