Drill Press

This is a drill press. It's our drill press, actually. 
To raise/lower the bed, first loosen the toggle on the left side of the machine. 
Then you can crank the handle to raise/lower. Be careful not to go too fast though, this can throw the machine off it's track.
Use the chuck key to change the big. It fits into the hole on the chuck, and lines up with the gears. 
Remember: Lefty-loosey, righty-tighty
You can make smaller adjustments to the bit height using the depth gauge on the left side of the machine.
These are pretty tight though, so it's usually easier to make adjustments with the bed.
Select the appropriate speed for your material and drill bit.  See links above.