What am i supposed to be doing with the "Extreme Votes" in the moderator tools? Wiki-ing it? Protecting it?
This depends somewhat on whether the extreme votes are up or down.
Extremely downvoted questions often are either off-topic or degenerating into a flamewar. A moderator can step in to close or lock the question, but as a user you can review it and see if it needs a close vote or a flag for moderator attention.
You normally don't have to do anything with extremely upvoted questions. I usually take a quick look to see if it's a good question or if it's a "what's the best programmer cartoon" kind of question, which will be popular and gather a lot of upvotes, but still unsuitable for Stack Exchange, but that's about it.