The preferences are settings that aren't changed that often. 

To access the Preferences, click "Preferences" from the "File" menu.  There are 6 different sections.  Just click on the section you'd like as seen above.  After clicking the section, the right hand portion of the screen will show the details.

Audio Processing 
CD/DVD Burner 
MP3 CDs 
Ripping Tracks 
Sound Scan 
Remote Database