How do I set the 3D cursor to an exact location that I want, say a particular vertex?
I’ve noticed the rotate command for faces in edit mode rotate the selected face around the 3d cursor, right?
Thx for any help… 
In the View / View Properties panel you can input the location of the 3d curser as numeric positions.
If you want to put it at the location of a specific vertex, select the vertex and use Shift+S / Curser to Selection.
In the user preferences under the View & Controls tab you can select/deselect View Rotation Around Selection.
On the 3d window header you can select the pivot point from 3d curser, median point etc
Richard
ok thanks.
now how do you set a rotate, scale, or grab axis other than X, Y, or Z? Such as an axis perpendicular to to an edge (staying coplanar to a face connected to that edge)?
alt-spacebar will bring up the transform orientation menu.
see http://wiki.blender.org/index.php/Doc:Manual/3D_interaction/Manipulation/Manipulators#Transform_Orientation
and
http://wiki.blender.org/index.php/Doc:Manual/3D_interaction/Manipulation/Transform_Orientations