I am playing a Half-Elf Ranger, whom is already level 2. however, I saw on racial bonuses I get two favored classes. I am not really sure what to do about that, and not sure if it's too late to do so.
I also didn't pick any traits either (I believe my gm was in a hurry.) do I do that too?
it means if you multiclass, you can gain the 1 hp/1 skill rank/other special benefit depending on class (and your race: half-elf) in that class also. check APG racial chapter for the 'special' options, but otherwise it's the HP or skill rank. if you never multi-class this doesn't do anything, if you do, you are a little bit better off than a different race multiclassing. technically i think you are supposed to choose BOTH classes at level 1, but it doesn't really hurt anything to choose the second favor class when you FIRST enter that class.
it means if you multiclass, you can gain the 1 hp/1 skill rank/other special benefit depending on class (and your race: half-elf) in that class also. check APG racial chapter for the 'special' options, but otherwise it's the HP or skill rank. if you never multi-class this doesn't do anything, if you do, you are a little bit better off than a different race multiclassing. technically i think you are supposed to choose BOTH classes at level 1, but it doesn't really hurt anything to choose the second favor class when you FIRST enter that class.
ok. Also (I added to the main post) do I pick two traits as well? I didn't do that before.
It is too late only if your GM is lawful evil.
As your base favored class I assume you chose Ranger, and got the appropriate bonuses. As a second favored class, if you plan to ride the dire beast of multiclassing, choose the other class (base class, not prestige class) that you'll take most levels on (other than Ranger, of course).
If you're not planning to multiclass and you have access to other Pathfinder books (such as the Advanced Player's Guide), substitute that racial trait with another.
If you don't want to multiclass and can't use other books, yes, that racial trait is useless.
ok. Also (I added to the main post) do I pick two traits as well? I didn't do that before.
You pick as many traits as your GM told you to, there is no standard amount (although I believe the APG suggests two) and you may not be playing with them at all. If the GM told you to pick some and you forgot, or you think he forgot about them, bring that up with him and see what he says.
It is too late only if your GM is lawful evil.
Technically he could be Lawful Neutral, as the book suggests handing them out at character creation :-P.
Now, if he puts all the traits on a giant wheel and spins it to determine everyone's traits, with the chance of having your character loose benefits for landing on bankrupt spaces ... you have a Chaotic Evil GM. RUN!