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Access Allowed: Adds (or removes if Revoke/Remove is checked) an ACE to the Access Allowed ACL for each listed user or group.
Access Denied: Adds (or removes if Revoke/Remove is checked) an ACE to the Access Denied ACL for each listed user or group. Access Denied has higher priority than Access Allowed, therefor, a user denied Full Control in the Access Denied ACL, and allowed Full Control in the Access Allowed ACL would not be able to access the key.
Please note, Microsoft's REGEDT32.EXE cannot edit security on keys that contain an Access Denied ACL. This does not mean the OS will not enforce the security, only that you cannot change the security settings later using REGEDT32.EXE.
Audit Access: Adds (or removes if Revoke/Remove is checked) an ACE to the Audit Access ACL for each listed user or group. Depending on the type of Audit Access entry added, Audit Access entries cause an entry to be made in the event log whenever the key is successfully accessed, or when an attempt to access the key fails.
See Also:
Object Inheritance
Registry Security Detail Form
Registry Security Actions List