What all can we do with the points?

with points , you can participate in revenue sharing in which boddunan gives 25% of its income to members who had above 2000 points in a month..
you can also advertise using your points as per new scheme introduced by maverick

I think at present, the points can be used for the two things that vivek wrote above.There can be various contest and features where you can spent points..
Go to My Account-->My points--> Statistics tab
You can see the Points spent.

thank you for the information

Earlier there were contests that need spending points to participate.But now there is no such contests.But here comes advertisement space in Boddunan which require enough points.