Having a dedicated server is a completely different from normal virtual (shared) hosting. The server is now fully yours - the entire hard disk and all the bandwidth allocated can be used as you want. There is no longer any CPU Usage restriction. If you need, you can use up 100% CPU utilization. You can put all your sites on this one server without having to worry about paying hosting fees for each site added.
But along with these new liberations come new responsibilities. Most important is to ensure that you server is always patched and up to date. There are new updates being constantly released, which if not applied to your server could let a hacker could gain inner access to your server.
Because management can be so difficult, there are usually two types of dedicated hosting offered:
Dedicated servers come either as just plain installations (where only the operating system and basic services are installed) or with a control panel. The control panel lets you easily modify most server features from a web page. It should be noted that the control panel will have limitations, and will not provide access to everything.
It should be noted that with a dedicated server, even though you may be paying a set up fee, the server is usually owned by the company , you are only renting it for the time being.