The site FAQ refers to moderation tools, available to users who've earned more than 10,000 reputation:
10,000 Delete closed questions, access to moderation tools
What are these tools exactly?
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First off, see: the Access to Moderator Tools privilege description. (Note: on beta sites and graduated sites without designs, you gain these privileges with just 2,000+ reputation.)
Each view is found in one of four categories: links, stats, close, and delete. There is also a tab for the same review view that is available to users who have yet to reach 10k. When you click on the tools option in the header, stats is the first category opened. It contains general lists:
The close category has views relating to questions that have been or are being closed or reopened:
The delete category has views relating to questions and answers that have been or are being deleted or undeleted:
Several pages contain a set of links to additional information in the footer:
For the stats, close and delete views, they are filtered by time span which is choosable by the user. The options are "30d", "14d", "7d", "2d" (default) and "today".
Users with 10k reputation can also:
* If the posts were deleted as spam or rude/abusive, the contents will be hidden, and can only be viewed by accessing the revision history.
These lists help us see where intervention might be needed: where edit wars are going on, where new tags with typos have been made, which questions are spam, etc. They don't really give us any new power other than to delete questions the rest of the community has already decided doesn't belong on the site.
In the top bar where you have the Logout, About, and FAQ options, there is another one added called Tools.
Basically the tools are just lists of items for different criteria.
Once you hit 10k, it is almost a bit of a disappointment because you expected more powerful tools, but they serve their purpose, I suppose.