Dinarius: the following is in response to your first post. Not sure how it relates to your second, which just appeared as I was about to post this:
When you click OK in the Color Range dialogue you end up with a selection, just as you do with the Lasso tool.
a. What does fuzziness do exactly?
When you click anywhere in the image with the eye dropper tool you're choosing a specific colour (RGB value). All pixels with that identical RGB value are automatically selected. In addition, the bigger the fuzziness number, the more pixels with nearly identical RGB values are added to the selection.
If you switch to the + eyedropper tool the same thing happens but with multiple RGB starting points - whichever points you click on. So, for example, if you click on a red hue first, then on a brown hue with the + eyedropper, and your fuzziness is set to 35, you particular red and similar reds plus your particular brown and similar browns will be included in the selection you're creating.
So far as I can make out, this answers your (ii) as well.
(i) If I wanted to reduce their brightness, how would I go about it?
In many cases all you'll need is the Rubber Stamp tool set to some fairly low opacity. If you want to get really into it, see here:
Eradicating Blown Highlights in Photoshop. Speculars are of course a form of blown highlight so the same concepts apply. Tim's solution sounds about the same as the first section in the tutorial.