The status window is made up of the Server tab, Highlighters List, URLs, and Notify List tab. If you are connected to multiple IRC Servers, then the drop-down list directly above the tabs allow you to switch active servers.

Main Status Window

Highlighters List.  You have the ability to set what text you want to be highlighted. Not only will this highlight the text where it originated from but, the text will be inserted into a list. This enables you to look back through it at a later time.

URLs. 

Status Window - URLs

Whenever someone posts a URL to a channel which you are in, in a Query window, DCC window, or Topic, it will be captured, and stored here. You may also make the URL's blue colored so that they stand out. By double-clicking on a URL your browser will open up at that site.

Notify List. 

Status Window - Notify

This will allow you to add people to a list, which savIRC will use to notify you when they join or exit IRC. Along with showing you a notice that the person joined IRC, their nick and the network which they are on will also show up in the left-hand listbox.