Electronic – Selecting correct zener diode

A regulator would be the best solution, but a zener (one 'n') is ok, at least if you don't want to draw too much power from the regulated voltage. You don't place the zener directly on the -12V, but use a series resistor to limit the current. It's this series resistor which dictates how much current you can draw. The -12V will still be available.

To calculate the resistor value, you have to know how much current your load will draw. Suppose this is 1 mA. Also suppose the zener diode needs 10 mA. That's 11 mA through the resistor. Voltage drop is 12V - 5V = 7V. Then R = 7V / 11 mA = 640\$\Omega\$.

edit
You may think that in my example I'm exaggerating a bit to have 10mA for a zener if the circuit would require only 1/10th of that. But you'll find that zeners are often specified at much higher currents, like 50mA. Certain newer zeners are specified at much lower currents, these ones only need 50\$\mu\$A.

YAE (Yet Another Edit)
The reason why you don't want to use the zener in series to get the voltage drop is that especially at low currents the reverse voltage may be much lower than the rated value. This diode for instance is specified at 5.1V @ 50mA, but only drops 1V at 10\$\mu\$A.

1. A transistor is a different type of (active) component entirely, to a passive component such as a resistor/capacitor/inductor. They have many different characteristics listed in the datasheet, one of the most important being current gain. If you don't understand much about them I suggest you get hold of a decent introductory electronics book and read up about them. There are thousands of part numbers, but in many cases you could use many different options. In a circuit such as this most general purpose NPN transistors will do (2N2222, 2N3904, BC337. etc)

2. The zener appears to be used in order to ensure the voltage does not rise above 3.3V (the zener will start conducting above this voltage) thereby protecting the 3V phone input from overvoltage. You don't need to calculate this value, you simply need a 3.3V rated zener, of which there will be many part numbers to choose from (assuming this is what the circuit requires)

EDIT - regarding more detail on why the transistors can be swapped, it's hard to explain briefly. They do have similar specifications, and are available in the common and easy to use through hole TO-92 package. The circuit shown is not ideal, but for a rough shifting circuit it will probably work with some distortion (how well depends somewhat on the input signals DC bias level)
Since important parameters like current gain can vary widely with temperature and between parts of the same number, a good transistor circuit will not rely on these parameters but control them with some basic feedback (e.g. by using an emitter resistor in a common emitter circuit)
Any good electronics book will have a section on how to use a transistor, understand it's parameters and design a circuit that meets your specifications with them. The website All About Circuits is pretty good (see section 3 for semiconductors), and book wise this question and it's answers should be of use: Basic Electronics Book. With a few hours of reading and a couple of breadboard experiments you should begin to see things more clearly.