The Shipping area lets you edit the following areas: Shipping Method, Status (Enabled or Disabled) and Sort Order.
It also shows a few actions that can be done, including Install, Edit and Uninstall
Flat Rate shipping lets you specify one amount for each order regardless of destination or order size.
To have a flat rate for multiple zones
You need to use the weight based shipping and setup multiple geozones with the same country/zone info
(the item weight needs to be specified in each product to do this)
Geozone 1: Standard = $5
Geozone 2: Express = $8
Geozone 3: Next Day = $12
Then in the weightbased shipping, set:
Next Day: 9999999:12.00