Material Editor
Find it: Click its button on the Looks palette: 
Use to:
How it works:

Click image for full view.
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Edit:
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Continuous changes the selected model as you edit
the material. This is the default setting.
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Manual lets you edit a material without automatically
updating the selected model and material palette. Click Accept
when you're ready to apply the change.
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Copy lets you copy a material in the palette.
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Paste lets you paste a material into the palette.
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Edit Color: click the boxes next to Diffuse, Specular,
or Emissive to bring up the Color
Editor.
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Sliders:
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Diffuse determines the main color of the
material. It also determines whether the material looks rough, or
smooth.
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Specular controls the amount and color of the specular
light. Specular light behaves like a laser beam--the light hits the
object and bounces back sharply. As you drag the slider to the right,
the material begins to look shiny. As you drag the slider to the left,
the material looks flat. Click the box to the left to edit the Specular
color.
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Emissive determines how much light emanates from the
object. As you drag the slider to the right, the material looks as if
it's glowing in the dark. Click the box to the left to edit the
Emissive color.
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Ambient controls how dark or light a material is.
Imagine you're in a room with light emanating from all areas of the
room. Click the box to the left to edit the Ambient color.
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Shininess works with the Specular slider.
Together, they determine how shiny or smooth a material appears. The
higher the value, the smoother the material appears.
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Transparency controls how much light passes
through the material. As you drag the slider to the right, the material
becomes increasingly transparent.