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You want to view the memory, I/O, and CPU statistics of a process along with any handles, DLLs, and network connections it has open. If you find that you are running low on memory on a particular system, this can often be attributed to a single process that has consumed a large amount of memory. If you can terminate that particular process, the system should go back to a stable state.
Finding the DLLs a process is using can be handy if you need to update a DLL and want to find out which programs are actively using it, or if you are trying to delete a DLL, but cannot do so due to a lock on the file by a process that is using it.