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Module Actions allow you to interact with modules. The Actions menu is provided by the module's container, and will generally contain specific functionality for the module type, but will also contain functionality common across all modules.
To access the actions menu you should be in EDIT mode, and then look for the ACTIONS icon (generally a downward pointing triangle), this icon will usually be to the left of the Module Title, though this is not a requirement, it is common for container developers to put the actions menu in the top left portion of the container. Moving your mouse over the actions menu will provide you with a popup menu of actions available to that module.
To edit the module's settings you should click on the SETTINGS link in the actions menu.