There are basicly 3 area's in the admin cp that are used in creating a style. All are at the very bottom of the navigation frame. Ill do them one by one:
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Styles
This allows you to download/upload style sets, add new sets (witch also add new templates and replacments). Or edit style sets. While editing about the only thing you can do is changed the colors of your vBulletin. the image folder, and a few of the templates.
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Replacements
Replacements are dynamic "calls" used in the templates. They are here so you do not have to hard code every color/image/whatever into the templates.
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Templates
This is where the "layout" or design is stored. You will have to know HTML to play around in this area to much. You can use the replacements in templates (and will find them everywhere). If you have a problem locating a template see this post:
http://www.vbulletintemplates.com/mo...&threadid=1687
Hope that helps.