Cardiorespiratory fitness can be measured using VO2 max, a measure of the amount of oxygen the body can uptake and utilize. Aerobic exercise, which improves cardiorespiratory fitness, involves movement that increases the heart rate to improve the body's oxygen consumption. This form of exercise is an important part of all training regiments ranging from professional athletes to the everyday person. Also, it helps increase stamina.
Many of the activities you do to build strength will also help your balance. Balance is partly a matter of developing your small stabilizer muscles that provide support and keep you steady. Free weight exercises, such as lunges and deadlifts, will help strengthen the stabilizer muscles. Even better, include some single-leg exercises, such as single-leg deadlifts and pistol squats, in your strength-training routine.