When within a contact record, you'll notice that you have an additional menu in your bottom site navigation bar, titled Common Tasks:
If you click on this menu, you'll see the below options:
Add Activity - selecting this option will bring up an Add New Activity dialog, already tied to the contact record you're within.
Add to Tag Group - selecting this option will provide you with a dialog that allows you to add the contact to one of your existing Tag Groups.
Create Mail Merge - selecting this option will provide you with a dialog that allows you to select one of your uploaded Mail Merge templates to merge with your contact's information and open up in Microsoft Word.
Create Profile Form - selecting this option will provide you with a pdf document, suitable for printing, that contains much of the contact's key data.
Delete this Contact - you can select this option to remove a contact record from your database.
Run a Report - select this option to choose from a handful of reports (in pdf format) specific to the contact record with which you're working.