Hello and welcome to Supercheats, I do hope you will enjoy yourself here =)
Alright lets answer your questions,
As for the points it's kind of like a reputation system but it's there mainly for the main site to see who has the most points from doing submissions (answering peoples questions, submitting cheats/walkthroughs/hints etc) you can see the leaderboard which is located
here and you can't buy anything with the points you have earned. So it's pretty much like xbox live achievements, it's there for show and how much you have contributed to the site.
With the rules that's pretty much it, unless no one else has told me about anymore new ones xD
The number of posts you can make a day with a new account is about 20 posts a day.. I think, from what I can remember. Ummm usually the date you can post freely is about 7-14 days, but don't quote me on that.
Your bio should be updated in the next 24 hours, if not you will have to wait another 24 hours, and yes I was going to ask why did you choose that font to type with?