Welcome

on the right hand side.. 1st one will say edit - near the quote button

Not when you're still in the Nursery. :)

And what does being in the nursery actually amount to?

Well members in the nursery can:

[]Search the forums
[]Reply to existing threads
[]Upload a profile picture (non-animated)
[]Join an existing social group

What nursery members can't do is:

[]Start new threads
[]Use Private Messaging
[]Have a custom avatar
[]Upload a animated profile picture
[*]Edit their posts (they can't undo what they say)
[]Rate threads
[]Give reputation
[]Post on polls
[]Leave messages on profile pages
[*]Anything else not explicitly granted to them above