This thread is a good indication that there is a bunch of new blood playing the game. Congrats Stardock.
If you have extra social manufacturing on a planet it gets stored in that planet's overflow. Hover over a blank spot in the queue to see how much you have stored. You can use this to your advantage to, for example, build expensive buildings in one turn or turn off social production to focus on research, wealth, or military, but continue to build improvements and upgrades on the planet. Be careful when queueing a "project" on planets with overflow. Projects swallow up all of the overflow, so make sure it's how you want to spend the excess. Beware that the benefit of some projects is capped. For example whether you have 1,000 or 10,000 social production in overflow, if you do birthing subsidies you will max out at 1.0 population per turn (I think), and your overflow will be gone after the turn. The military subsidies also eats up the overflow, but that production does NOT get sent to the shipyard (it's a bug, we think).
Shipyard overflow operates very similarly. One tactic I like to use is to chug out cheap constructors during the starbase spam phase. Assuming I have more than enough production to build one constructor per turn, it will store up production in overflow. Then when I'm ready to start chugging out military ships I have enough stored up to push out a ship per turn for several turns.
Conversion of production to wealth is a GalCiv2 thing. It is done in GalCiv3 through playing with the wheel, using planet focuses, or the wealth project. It's quite an inefficient conversion though so I prefer to make use of manufacturing as above.
As of the last time I played you can get a max of 5 starbases covering a planet and the bonuses stack. It's more if you unlock the sttarbase range techs, and I thought they were considering lowering the "distance between starbases" from 5 to 4 so you could maybe squeeze in more.