I.
From "волна", 'wave'. This image of a wavy surface (and your mind carried by waves), it is important.
Волновать
- cause waves on a surface (rare)
- cause a range of emotions, from "worries" to sexual arousal.
"меня волнует [some fact]" - this fact disturbs me
"эта новость взволновала меня" - concern, worries or excitement - any strong feeling
"не надо его зря волновать" - don't make him feel strong emotions without a reason.
"меня волнует вот такой вопрос:..." - the speaker can literally mean emotions/concerns... or he can just ironically mean: "i wonder/I'm curious".
Меня не волнует! "i don't care! I'm indifferent to this!"
Cf.:
Меня это не беспокоит. It doesn't disturb/bother me, I don't find it a reason for concern
Я не волнуюсь! No, I'm not worried/emotional!
Волнительный, adj. - classic Russian literature, mostly positive. Causing strong emotions. Including romantic feelings.
Волнующий - more straightforward grammatically, 'making wavy', 'causing волнение'.
-- participle: волнующая меня новость - новость, которая волнует меня.
-- adjective: волнующая новость (worrying or exciting or...) волнующие движения (an erotic example: someone feels things observing other person's movements)
Волноваться
1. About a sea (море волнуется, волнение на море): there are waves/storm.
2. Without "за". Can mean the same as with "за" (я волнуюсь!), but not only.
An actor may feel this before public performance, or a guy/girl before a date. It does not necessary mean 'fear of failure', and it doesn't mean at all any specific concern about a particular failure! It jsut means: your emotions affect you.
3. Волноваться за someone/something. To worry for... , to worry about...