I can get to the Home Page and the announcements. From there I cannot figure out how to correct a typo or delete a sentence.

The quickest way to edit your Announcements is to click Post Announcement under Member Functions then click the Edit link next to the announcement you want to edit.

To edit the home page main content (non-announcement), you'd click Edit Site Pages under Admin Functions, then Edit next to Home Page, then scroll down to the Your Content section. When you have finished making changes, click Save Changes at the bottom of the page.

Go to the post announcement view and edit announcement to change a word or a sentence.

Now that our reunion is over I want to change the home page. If I go into edit pages, can I just delete most of what is there and add the new content?

Yes.