Permission Level

Here is a cheat sheet of the OOTB Permission Levels in SharePoint 2010:
(Click here to download the pdf version)

		Permission Level
Type	Permission	Full Control	Design	Contribute	Read	Limited Access	Approve	Manage Hierarchy	Restricted Read	View Only
List	Manage Lists - Create and delete lists, add or remove columns in a list, and add or remove public views of a list.	x	x					x
List	Override Check Out - Discard or check in a document which is checked out to another user.	x	x				x	x
List	Add Items - Add items to lists and add documents to document libraries.	x	x	x			x	x
List	Edit Items - Edit items in lists, edit documents in document libraries, and customize Web Part Pages in document libraries.	x	x	x			x	x
List	Delete Items - Delete items from a list and documents from a document library.	x	x	x			x	x
List	View Items - View items in lists and documents in document libraries.	x	x	x	x		x	x	x	x
List	Approve Items - Approve a minor version of a list item or document.	x	x				x
List	Open Items - View the source of documents with server-side file handlers.	x	x	x	x		x	x	x
List	View Versions - View past versions of a list item or document.	x	x	x	x		x	x		x
List	Delete Versions - Delete past versions of a list item or document.	x	x	x			x	x
List	Create Alerts - Create alerts.	x	x	x	x		x	x		x
List	View Application Pages - View forms, views, and application pages. Enumerate lists.	x	x	x	x		x	x		x
Site	Manage Permissions - Create and change permission levels on the Web site and assign permissions to users and groups.	x						x
Site	View Web Analytics Data - View reports on Web site usage.	x						x
Site	Create Subsites - Create subsites such as team sites, Meeting Workspace sites, and Document Workspace sites.	x						x
Site	Manage Web Site - Grants the ability to perform all administration tasks for the Web site as well as manage content.	x						x
Site	Add and Customize Pages - Add, change, or delete HTML pages or Web Part Pages, and edit the Web site using a Microsoft SharePoint Foundation-compatible editor.	x	x					x
Site	Apply Themes and Borders - Apply a theme or borders to the entire Web site.	x	x
Site	Apply Style Sheets - Apply a style sheet (.CSS file) to the Web site.	x	x
Site	Create Groups - Create a group of users that can be used anywhere within the site collection.	x
Site	Browse Directories - Enumerate files and folders in a Web site using SharePoint Designer and Web DAV interfaces.	x	x	x			x	x
Site	View Pages - View pages in a Web site.	x	x	x	x		x	x	x	x
Site	Enumerate Permissions - Enumerate permissions on the Web site, list, folder, document, or list item.	x						x
Site	Browse User Information - View information about users of the Web site.	x	x	x	x	x	x	x		x
Site	Manage Alerts - Manage alerts for all users of the Web site.	x						x
Site	Use Remote Interfaces - Use SOAP, Web DAV, the Client Object Model or SharePoint Designer interfaces to access the Web site.	x	x	x	x		x	x		x
Site	Use Client Integration Features - Use features which launch client applications. Without this permission, users will have to work on documents locally and upload their changes.	x	x	x	x	x	x	x		x
Site	Open - Allows users to open a Web site, list, or folder in order to access items inside that container.	x	x	x	x	x	x	x	x	x
Site	Edit Personal User Information - Allows a user to change his or her own user information, such as adding a picture.	x	x	x			x	x
Personal	Manage Personal Views - Create, change, and delete personal views of lists.	x	x	x			x	x
Personal	Add/Remove Personal Web Parts - Add or remove personal Web Parts on a Web Part Page.	x	x	x			x	x
Personal	Update Personal Web Parts - Update Web Parts to display personalized information.	x	x	x			x	x