How to edit permissions

Log in to the admin panel, and check your users list
wp-admin/users.php
If you want to edit the role, hover over the username, and an edit link will appear. You can change the rights by using the rolldown menu at the top of the users list.

I only see the ability to change their role, I dont know what the roles actually do, any way to view these?

The codex has a page on Roles and Capabilities

tyso much