I'm guessing the valve you let pressure out of is the nitrogen reservoir (looks like a tire valve). There should be 218psi (for 05-06 model should be close or same on 07) of pressure in there, so I'd make sure you didn't let too much out. The gas basically keeps the shock working smoothly and consistently. You can get it refilled either at the dealer or at a gas supplier.
As for the adjustments you have 3 on each fork and 3 on the rear shock.
Front Forks:
***MAKE SURE BOTH FORKS ARE SET THE SAME***
Rebound Damping - is the little screw you can see on the top of the fork.
Compression Damping - is a similar screw on the bottom rear of the fork.
Spring Preload - is the large nut that the Rebound Damping screw is sitting in.
Rear Shock:
Rebound Damping - is a larger screw on the bottom of the shock.
Compression Damping - is a small screw in the top near the nitrogen reservoir.
Spring Preload - is the 2 funny looking nuts that sit on top of the spring (requires a spanner wrench to adjust).
For all the Damping adjustments, clockwise is harder and counterclockwise is softer.
For the front preload, the more lines showing, the softer/less preload.
For the rear preload, the higher up the spanner nuts are the softer/less preload.
Suspension is a very tricky thing, so if you're new to it I'd recommend getting the help of someone who knows what they're doing. Tuning the suspension can be the best free mod you'll ever do to your bike... but it can also be the worst if you mess it up. Definitely write down your stock setting BEFORE you change anything so you can go back if need be.
OK I'm tired of typing LOL... if you have questions don't hesitate to ask.
Hope that helps.
