I feel emotions and understand them - if they are mine and I do not have to interpret them in another person while conversating with him/her. In such a case, I need to focus on what is being said and I recognize the basic emotions (happy, sad, angry), but it happens that I mix some up in a few cases (skepsis and concern for example) or do not recognize them right away and have to think what it could be - related to facial expressions mostly. I guess this is because I do not look into the person's eyes because I think it is uncomfortable and they say eyes are where the most emotions are at. I do not have much trouble with tone of voice for example.
Concerning myself, emotions like embarrassment, stress and anxiety are such I dealt and still deal with a lot in my life, I know these too well and recognize them right away. I can also feel happy and excited, but people often do not see that I am happy or excited. I can also feel sad, which people often confuse with boredom and being tired here, I can also feel bored, which people correctly interpret as boredom or as feeling tired. I have more troubles expressing emotions than knowing the emotions because I am well aware of them and could often name what I feel although there are such cases in which no emotion I am aware of fits, I could still describe them though I guess.
In fact, my psychologist said that I have a monotone voice and limited gestures and somewhat limited facial expressions.
EDIT: Wow, already have posted 2^7 times. Damn, I'm a spammy WP member. I prefer 256 though as a number. 
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Diagnosed with Aspergers.
BSP-errors are awesome.