I think it is highly unlikely that the V1/V2 binding posts are 120VAC. They are much more likely to be something like +/-15 V DC.
The knobs and connectors on the side are likely variable positive and negative supplies.
All this can be easily checked with a voltmeter, which you will need if you intend to do any work with electronics.
The long narrow plastic blocks will have two busses running the full length - you would use those busses to distribute power and ground around the board.
The horizontal groups of five holes each side of the wide groove will be connected together (that is, the five holes to the left of the groove are connected, and the five to the right are connected, but there is no connection across the groove.)
You insert an IC so it straddles the groove, with the pins inserted in the columns of holes each side of the groove. Then you have four free holes connected to each IC pin, where you can insert wire jumpers or component leads to build your circuit.
You should use #22 or 24 solid wire for your jumpers - scrap multiconductor telephone or data wire is a good source of suitable wire.
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Peter Bennett VE7CEI
email: peterbb4 (at) interchange.ubc.ca
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