Speed Freak has two settings: Basic and Advanced. In the Basic setting you can choose to change the Front Application Acceleration by the use of a sliding scale. Once you have decided how much you want to increase the CPU priority of said application, you must activate it with the use of your administrative User Name and password. Once it is activated, Speed Freak will tell you which app is currently being accelerated since it changes depending which is in use at the time.
The advanced settings are similar with just a bit more specialization involved. You have Front Application Acceleration and Background Applications Deceleration (slows down apps not in use), both controlled by a sliding scale. You also have Update Frequency and a sliding scale of time. You need your administrative User Name and password to activate this one too.
There is also a preferences menu that is has some nice options, including accelerating apps on launch of Speed Freak.