I assume Jasper is right about grasp, of course, but this is why OPs should provide as much context as possible. Theoretically, at least, "try to grasp the stakes here" could mean something like this:
(because, when dealing with tent stakes, we grasp them with our hands, not our understanding). My example may be far-fetched, but it's plausible:
When you are setting up your tent, try to grasp the stakes here, in your fingers, not in your palm. A cut on a finger is much easier to treat in the wilderness than a cut across the palm of your hand.
However, it's more likely that grasp in this context means understand.
As for stakes, the word is used in gambling as Jasper mentions, but, in this context, I believe it's more abstract. "The stakes are high" means there is much to lose.
So, I'm guessing the original statement is an emotional plea for someone to consider the importance of a particular issue. For example, suppose a doctoral candidate is on the eve of his oral exams. Passing means he'll be accepted into the program, and not passing means he'll be done at the school. He is full of angst over the prospect of flunking. A friend tries to console him:
Don't fret about it. It's just a test.
to which he replies:
Just a test? This isn't just some pop quiz – my whole future hinges on this! Try to grasp the stakes here!
meaning: "Try to understand how important this is!"
That is an idiomatic phrase, but it doesn't appear to be used in a way that is familiar to me.
I am only aware of that phrase being used almost literally, such as:
These flowers will shed some colour on a dreary garden.
Or very slightly figuratively, such as:
These activities can shed colour on the dreariest day.
Also completely literally, such as:
These flowers shed colour when handled, so wear gloves that you don't mind getting stained.
I have no idea what the person in the question might mean.
Best Answer
Shed as a noun almost always means "a storage building".
Shed as a verb almost always means "losing skin or something covering oneself".
If an article (a/an, the) precedes a word, that strongly indicates it's a noun. So a shed is a noun.
You might see a shedding which would almost always be the gerund/participle form of the verb to shed. This can mean "an event where shedding took place" or "item produced by the act of shedding."
I suppose there may be a tiny chance that to shed means "to put in a shed" but I can't recall ever actually hearing/reading that.