Gamma:
http://www.normankoren.com/makingfineprints1A.html#Gammabox
A light definition would be the amount of contrast in midtones - the gamma value does not effect pure black or white. For photography and video work you will normally use a gamma of 2.2.
The white point should be D65 (6500 Kelvin) or "native"
Target luminance for print proofing should be between 90 and 120 cd/m2 depending on the ambient light - 90 for a rather dim environment, 120 for normal office lighting - you should not use LCDs in completely dark environments for proofing and, of course there should be no direct light.
LUT = Lookup Table,
http://en.wikipedia.org/wiki/CLUT
The brightness issue is more delicate with LCDs, as there are two factors involved: the backlight (controlled using the brightness controls) and the voltage applied to the individual sub-pixels (red, green and blue) making up each pixel. The backlight cannot be dimmed any further than the lowest setting of the brightness control - the calibration has no effect on that, it is more or less just a lamp with a dimmer. What the calibration can adjust to some degree, is the luminance level of the individual subpixels. The difficult part here is tweaking the output per pixel without giving up desirable contrast, desirable white and black points and maintaining a smooth rendition of grayscale gradients... there are quite some calculations going on there. As a result - yes, a good calibration software can lower the brightness of a LCD (below the backlight only result) within some limitations. I cannot comment on the Spyder 3 (it is brand new and I have not used it) - I can definitely say that Color Eyes was the only software that could really tame the white 24" iMac (which had similar brightness) - Spyder 2, eyeOne and Huey all failed completely (calibration OK, but still far to bright for print proofing). You could overcome the issue with software tools like Shade, but I cannot comment on the quality of this approach, as I have not tried it.