It depends on what kind of template it is if its WordPress or another CMS then I would start by reading the documentation that is included with the theme. If it is a site template then I would pick up a html book, or google learning html, or alternatively you could hire a freelancer to make the changes you need. if you could post what type of template you purchased we can give you a better direction.
p.s please refrain from using all caps in thread titles, its the equivalent of internet yelling
This the CMS Theme… http://themeforest.net/item/flashlike-photographer/44280