The layout options are ways to customize your Sheezy page. You can change the colors and the way it's organized by browsing to Account > My Settings > My Profile > Layout Options.
The color wheel (and the boxes below it) are used to designate colors to different parts of your Sheezy page.
The larger area to the right of those (with all the smaller boxes inside) is the order of your page, you can move these smaller boxes (Information, Shout, Comments, etc.) up, down, to the right, left, or hide them (i.e. if you never use a webcam image and want to hide the area for it, just move it down to the "hidden" area at the very bottom).
When you've made changes scroll down to Apply Changes to save your work.
Okay. So that's the "ctrl" button and the "F5" button together at once? The layout options is what you use to turn your backgroud blue or whatever color and stuff right? Just double checking.