Anyone know how to use custom fields ? Need some help please !!!

Anyone know how to use custom fields in wordpress?

I need some custom fields setup in wordpress. But, i have no idea on how to accomplish this.

That would give the author two options for the author to be able to choose one of, when he/she edits a thier post.

example…

field title

Item Status:

authors choices

Sold
Not Sold

Just like the dropdown box shown when posting on here.. (resolved or not resolved)

Displaying only one of those chosen options at the bottom of each post.

I want these options to display as a dropdown box for the author.

And to display only the one option chosen by the author, for the the person reading the post.

And how do you get the field to display? Is there some code that needs to be added to the single.php file?

hope that makes sense…

Anyone able to help?