'SAVE' will save your current playlist file in the drawer of your choice. If you specified an 'http://' address, a playlist is generated for you. :-)
'NEW' allows you to connect to a ShoutCast server, if you know the address. Any playing shoutcast will be stopped. The URL is the same as you would type on the command line: it must begin with http:// or pnm://, can be a Fully Qualified Domain Name or IP address, and can optionally specify a port. http://server:port
'OPEN' allows you to load another m3u or pls file to play. Any playing shoutcast file will be stopped.
'ABOUT' shows the version and my contact info, because you can't be bothered to retain long-winded docs like this one.
'PREFS' will display the preferences panel.