I understand that custom field can be used for some interesting things. My question is how do I use it?
There is a _wp_page_template, a blank box (perhaps an alternate to the drop down menu) and the value box. What do I put in the value box (?), if I wish to use the _wp_page_template.
never needed to use the custom field on my own website.
thanks.
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That wp_page_template is a mistake, even if somebody says different :)
In the Key field you can write a "key" that will be there later for use in other posts, too; e.g. "Reading" [without the quotes] - and then in the Value field you can typ"Alice in Wonderland". Add... Save.
To display what you have you'll have to insert in your template file the_meta tag.
More here: Template_Tags/the_meta