Frustrated by the limit of existing Permission Levels within SharePoint (Full Control, Design, Approve, Contribute, Read, etc.) I finally discovered how to create my own. These are created at the Site level like this:
- Site Actions > Site Settings > Advanced Permissions
- Settings > Permission Levels
- Add a Permission Level
- Enter a Name and a Description
- Select permissions from the beautiful buffet of security settings are available
- Click Create
At this point the new Permission Level is available when assigning permissions to a user or group!