Scott, you have admin powers. So when you see a spammer you don't need to even mention it. Unless of course you have fun letting other elves do it.
Actually, I believe that I do not have admin powers to delete members or edit forums. (Or if I do, I don't know the way to do this/haven't seen the feature).
As far as I know, I can edit pages and transfer ownership, but not the other stuff (deleting members, moderating forums, selecting front page material, etc.). When asked to be an elf, I expressed interest in helping others with pages, helping members with adoption, and providing suggestions, so I'm guessing that those are my only admin privileges.