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Well most of your color changes, fonts, and style changes will be found in your CSS file of the theme.
Be careful, it is tricky navigating around for the first time, but read carefully to get a feel for which code will change which area.
Once you get the hang of it, it's addicting.
editing widgets is very tricky, because you will have to know php, and the wrong keystroke could cause the plug in not to function, or crash the blog all together...it's best to leave them alone, until you are SURE, that you know what you are doing.
As for new and interesting widgets and sidebar options...most of them are just plug ins, and there are hundreds of them. Make sure that they are compatible with your current version of wordpress.
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