Creating Custom Permission Levels

Frustrated by the limit of existing Permission Levels within SharePoint (Full Control, Design, Approve, Contribute, Read, etc.) I finally discovered how to create my own. These are created at the Site level like this:

1. Site Actions > Site Settings > Advanced Permissions
2. Settings > Permission Levels
3. Add a Permission Level
4. Enter a Name and a Description
   
5. Select permissions from the beautiful buffet of security settings are available
6. Click Create

At this point the new Permission Level is available when assigning permissions to a user or group!