The Levels... command can be found in the Adjust menu of RealWorld Paint and other editors, it can also be accessed from the More... submenu in the color adjustment section of the Style menu.
The operation adjusts an image by mapping the given color to black, another given color to white and a 3rd color to a midpoint gray. In effect, this provides and easy way to correct photos that were taken under not ideal lighting condtions (for example scenes illuminated by non-white light).