The spectrum analyzer shows a realtime view of the frequecy spectrum of audio as it plays back. It can also show the spectrum of audio at the current playhead position, or the spectrum of a selected time and frequency range.

Blue (Anchor Sample) - the spectrum of the anchor sample (sample at current playhead position)
Yellow (Selection) - spectrum of current selection. Use selection tools in the spectrogram window to select a time and frequency range and the spectrum analyzer will automatically zoom to follow the time and frequency range selected.
Purple - (Playback) the spectrum of audio as it plays back
Spectrum Analyzer Settings window:

FFT Size - sets FFT size for spectrogram calculation in samples
Channel Mode - controls how multiple channels of audio are handled
FFT Overlap - sets FFT overlap, enhances time reolution
Window - this is the FFT weighting window, which addresses frequency smearing
Realtime averaging - sets Realtime spectrum averaging mode
Reset - resets spectrum analyzer to default settings